UK-based ingredients business Meadow has announced the acquisition of Naked Foods.
Founded in 2003, Naked Foods produces a wide range of fruit and confectionery sauces for UK and Irish food companies from its facility located in Kent. Its products include fruit preparations for yogurts, dairy drinks, ice cream and plant-based products, as well as sweet and confectionery fillings for bakery and dessert products.
Naked Foods provides over 300 recipes and several thousand tonnes of sauces annually.
The acquisition gives Meadow the opportunity to expand its portfolio into new product areas “while enabling customers to benefit from many synergies between the businesses,” said the company. In addition, Meadow is able to enhance its client offerings while making the most of its existing manufacturing, sales and new product development (NPD) capabilities.
Raj Tugnait, CEO of Meadow, commented: “For some time, our customers have been urging us to enter the sweet sauce category. It is an adjacent category and a natural extension of what we already do. There is a gap in the market for an agile player who can develop, scale up and manufacture fruit preparations, and Naked Foods has an enviable reputation for its quality and nimbleness.”
He continued: “The team and culture felt right to be part of the Meadow family. Adding sweet sauces allows us to further diversify our portfolio and strengthen our position as a leading supplier of quality food ingredients. Meadow has a three-pronged growth plan – organic; growing with our existing customers and in existing categories, inorganic; building new capabilities in-house; and finally, acquiring quality businesses that will complement Meadow and make it a better proposition for its customers. Naked Foods fits perfectly with that plan.”
Terms of the transaction were not disclosed.
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