Real Good Food plc announces the acquisition of Chantilly Patisserie
Real Good Food plc announces the acquisition of Chantilly Patisserie by its wholly owned subsidiary Haydens Bakery Ltd for a total consideration of £1.75m to be satisfied from existing cash resources. Chantilly Patisserie will be run as a trading division of Haydens.
Chantilly Patisserie, based in Paignton, Devon, employs some 40 staff, and produces high quality, hand-made frozen desserts, supplying the foodservice sector, with customers such as Marston's Brewery, Warner Leisure, Brakes, and Country Range. The business complements the offering of Haydens extremely well and it is envisaged that significant commercial opportunities for both businesses will be identified as a result.
For the 9 months ending December 2015 the business had turnover of £2.2m EBITDA of £0.4m and was debt free. Net Assets were £0.7m.
For the 12 months ending March 2015 the business had turnover of £2.5 m EBITDA of £0.5m and was debt free. Net Assets were £0.5m.
Pieter Totté, Executive Chairman commented: "The acquisition of Chantilly opens up a new channel for us as they have already impressively established themselves as a supplier of quality products to the important and growing food service sector. We will continue to identify and complete bolt-on acquisitions as we seek to reach greater scale within our three pillar markets of cake decoration, food ingredients and in this case premium bakery. As we are clearly demonstrating, acquisitions will enhance our offering by targeting new sectors, product lines and geographies, as well as being earnings accretive."
About Real Good Food plc
Real Good Food plc is a diversified food business serving a number of market sectors including retail, manufacturing, wholesale, foodservice and export. The Company focuses on three main markets: cake decoration (Renshaw, Rainbow Dust Colours), food ingredients (Garrett Ingredients and R&W Scott) and premium bakery (Haydens).