Cranswick Acquires Benson Park
UK food group Cranswick has broadened its product range and customer base with the acquisition of Benson Park, a specialist producer of cooked poultry, for an undisclosed sum. Employing about 90 people and operating from a purpose built factory in Hull, Benson Park supplies ingredients to customers operating in the ‘food to go’ sector of the retail multi-channel, convenience and food service markets. Benson Park had revenues of £41.1 million in the year ended August 31, 2014.
Cranswick, which is also headquartered in Hull, supplies a range of fresh pork, gourmet sausages, premium cooked meats, traditional air-dried bacon, charcuterie, pastry products and sandwiches to its customers from a number of production facilities in the UK.
“A key component of the group’s long term growth strategy is to develop new product channels in its core UK market both in pork and other proteins,” says Adam Couch, the chief executive of Cranswick. “This strategic investment moves Cranswick firmly into a new protein category with a well invested business that has a strong presence, supplying premium poultry products, in the fast growing food to go sector.”
Cranswick will fund the acquisition from existing debt facilities and it is expected to be modestly earnings enhancing in the current financial year.
