Dive Summary:
- Flagship Food Group plans to acquire UK-based Atlantic Foods Group Ltd. in a move that will boost its international presence and increase its portfolio of foodservice products and customers.
- Though terms of the proposed transaction weren't disclosed, the deal is expected to create around $300 million in annual turnover, and Atlantic Foods would retain CEO Russell Maddock and Managing Director Edward Baker.
- The deal is expected to be completed by the end of the month, pending approval of Atlantic Foods Group shareholders.
From the article:
... "The acquisition of Atlantic Foods Group will represent an excellent opportunity for us to further develop our global food business, building on the successful acquisitions we have achieved to date," said Rob Holland, CEO of Flagship. "It will provide new competencies for us in the fast-growing foodservice markets and extend our geographic footprint into Europe." ...
