Aimia Foods is a privately owned business based in Merseyside, United Kingdom with revenues of approximately $110m for the twelve months ending 31 March 2014.
The purchase price includes the payment of approximately $80m at closing plus an adjustment for working capital, $33m in deferred consideration payable in September 2014, and on-target earnout consideration of $20 million, with a minimum earnout consideration of $13 million and a maximum earnout consideration of $27 million. The purchase price will be funded through cash on hand and borrowings under Cott’s asset based lending facility.
Jerry Fowden, Cott’s chief executive officer, said: “The Aimia Foods acquisition accelerates our diversification strategy, bringing a strong hot and cold beverage platform and multiple foodservice relationships into our portfolio.
“Aimia has extensive expertise in new product categories, packaging formats and trade channels, such as the packaging of powdered beverages, which we believe enhances the diversification opportunities available to the combined businesses.
“Aimia’s core strengths lie in the manufacturing, sale and marketing of Aimia-owned and third party licensed beverage brands across all sectors of the UK market, including foodservice, vending, cash & carry and retail. Aimia has been highly successful in maintaining strong relationships with leading brand-owners and outsourcing partners, and we look forward to continuing to build these relationships under Aimia’s current leadership team.”
Rob Unsworth, managing director of Aimia Foods, said: “We firmly believe that bringing Aimia Foods into the Cott family will provide additional opportunities for the benefit of our employees and customers alike. Our leadership team is excited to work with Cott to keep building on the strong foundation already established.”
Source: Cott
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