Pioneer Foods has announced that it has entered into an agreement to acquire the entire issued share capital of Streamfoods for a purchase consideration of UK£7.5 million.
‘This acquisition is in keeping with the stated strategic intent of acquiring and bolstering Pioneer Foods’ product portfolio in the UK with a branded proposition, namely Fruit Bowl. The transaction will augment and leverage our UK private label portfolio and our recently upgraded manufacturing capabilities,’ comments Pioneer Foods CEO, Phil Roux.
Owner of Bokomo and Safari, Pioneer Foods has extensive competence in the fruit snacking category. This bodes well for the development of the category and its brand position. Streamfoods exports internationally to China and Europe.
Thushen Govender, Pioneer Foods’ international business executive adds, ‘ The core brand in the Streamfoods stable, Fruit Bowl, is well positioned to generate growth in the health conscious UK and European markets.’