Finsbury Food Group has acquired Lees Foods, a manufacturer of branded confectionery and meringues, for £5.7 million.
Founded in 1931, Lees, which produces meringues, teacakes and snowballs, employs over 200 staff at its site in Coatbridge, Scotland, and supplies to UK supermarket chains, as well as foodservice. With the acquisition of Lees, Finsbury seeks to diversify its product capability into areas with high growth potential.
Finsbury Food Group CEO, John Duffy, said: “We are delighted to announce the strategic acquisition of Lees Foods as we consolidate our position in the sweet treats sector and grow our manufacturing presence in Scotland”.
He continued: “Lees currently has a well-established position in the UK meringue category and strong relationships across a high-quality and diverse customer base. This provides Finsbury with the opportunity to build upon both businesses’ existing retail relationships and unlock further commercial opportunities, including out of home.”
The deal is expected to be earnings accretive immediately in FY23.
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