06.21.21
Taste and nutrition company Kerry Group recently announced that it has reached an agreement to sell its Consumer Foods’ Meats and Meals business in the UK and Ireland to Pilgrim’s Pride Corporation for €819 million, subject to routine closing adjustments. The Meats and Meals business provides solutions in the convenience food category, and is involved with major retailers and leading brands.
Kerry reports that the financial results attributable to the business for the year, ending on Dec. 31, 2020, were a revenue of €828 million, EBITDA of €86 million, profit before tax of €63 million, and gross assets of €521 million.
Kerry’s Meats business is a leading manufacturer of branded and private label meats, meat snacks, to-go food, and meat-free alternative products in the UK and Ireland. Its brands include Richmond, Denny, Galtee, Fridge Raiders, and Rollover. The Meals business primarily serves the UK market and specializes in authentic ethnic chilled and frozen-ready meals, multi-cuisine ready-to-cook ranges, and home delivery meals under the Oakhouse brand.
“Kerry’s strategy for the past 30 years has been to continuously evolve our portfolio, as we progressed on our journey to becoming a market-leading taste and nutrition company,” Edmond Scanlon, CEO of Kerry, said. “This transaction further enhances Kerry’s focus as a leading business to business ingredient solutions provider for the food, beverage, and pharmaceutical markets. Pilgrim’s is a global provider of high-quality food products and I am convinced they will make an excellent future owner of the Meats and Meals business. I wish to thank the 4,500 employees of the business for their contribution to Kerry over many years.”
“We are pleased to have the opportunity to position Pilgrim’s as a leading prepared foods and branded products player through this acquisition. We look forward to welcoming Kerry Consumer Foods’ Meats and Meals business’ talented management team and other team members, led by Nick Robinson, to the Pilgrim’s family, and we look forward to working together to drive growth and deliver value for all of our stakeholders,” Fabio Sandri, CEO of Pilgrim’s Pride, said.
“Our companies share a rich heritage in food production with aligned values that put people and customers at the heart of all we do,” Nick Robinson, CEO of Kerry Consumer Foods, added. “We look forward to working with our new colleagues to build upon the fantastic progress of these businesses and realize our combined growth opportunities as we enter an exciting new phase.”
The proceeds from the sale of the business will be used by Kerry for general corporate purposes and continued strategic development of its Taste & Nutrition business. The transaction is expected to close in the final quarter subject to customary closing conditions and regulatory approvals. The company will separate and realign its remaining dairy-related activities within the Consumer Foods business.
Kerry reports that the financial results attributable to the business for the year, ending on Dec. 31, 2020, were a revenue of €828 million, EBITDA of €86 million, profit before tax of €63 million, and gross assets of €521 million.
Kerry’s Meats business is a leading manufacturer of branded and private label meats, meat snacks, to-go food, and meat-free alternative products in the UK and Ireland. Its brands include Richmond, Denny, Galtee, Fridge Raiders, and Rollover. The Meals business primarily serves the UK market and specializes in authentic ethnic chilled and frozen-ready meals, multi-cuisine ready-to-cook ranges, and home delivery meals under the Oakhouse brand.
“Kerry’s strategy for the past 30 years has been to continuously evolve our portfolio, as we progressed on our journey to becoming a market-leading taste and nutrition company,” Edmond Scanlon, CEO of Kerry, said. “This transaction further enhances Kerry’s focus as a leading business to business ingredient solutions provider for the food, beverage, and pharmaceutical markets. Pilgrim’s is a global provider of high-quality food products and I am convinced they will make an excellent future owner of the Meats and Meals business. I wish to thank the 4,500 employees of the business for their contribution to Kerry over many years.”
“We are pleased to have the opportunity to position Pilgrim’s as a leading prepared foods and branded products player through this acquisition. We look forward to welcoming Kerry Consumer Foods’ Meats and Meals business’ talented management team and other team members, led by Nick Robinson, to the Pilgrim’s family, and we look forward to working together to drive growth and deliver value for all of our stakeholders,” Fabio Sandri, CEO of Pilgrim’s Pride, said.
“Our companies share a rich heritage in food production with aligned values that put people and customers at the heart of all we do,” Nick Robinson, CEO of Kerry Consumer Foods, added. “We look forward to working with our new colleagues to build upon the fantastic progress of these businesses and realize our combined growth opportunities as we enter an exciting new phase.”
The proceeds from the sale of the business will be used by Kerry for general corporate purposes and continued strategic development of its Taste & Nutrition business. The transaction is expected to close in the final quarter subject to customary closing conditions and regulatory approvals. The company will separate and realign its remaining dairy-related activities within the Consumer Foods business.
