Schenck Process Group (SPG) has agreed to acquire Baker Perkins, a supplier of food processing equipment to the global market.
Headquartered in Peterborough, UK, Baker Perkins also provides aftermarket services to the bakery, confectionery and breakfast cereal sectors, among others.
According to SPG, its acquisition of Baker Perkins will strengthen its European capabilities in the food processing and equipment sector, broaden its product offering in the Americas, and provide opportunities for growth across Asia Pacific.
“This is a long-established business with a reputation for excellent products and customer service, with a similar business model to our own,” said Keith Cochrane, CEO of SPG.
“It will complement and extend our existing product offering to the food end-market, which is a key strategic focus, providing good opportunities for future growth, operating efficiency and further value creation for all stakeholders.”
The financial terms of the transaction, which is expected to close in Q4 2020, have not been disclosed.
Upon completion, the business will continue to be run by the existing managing directors as part of the SPG regional business structure. SPG also says that it will remain ‘fully committed’ to the existing Baker Perkins facilities in Peterborough and Grand Rapids, Michigan.
Dan Bassett, managing director at Baker Perkins UK, added: “We have been looking for a long-term partner prepared to invest in the company and continue its development for many years to come.
“We can relate to the SPG culture that encourages local autonomy and entrepreneurship, which fits well with our independent mindset. Already we can see significant opportunities for growth, and I am excited at the prospect of working together.”
© FoodBev Media Ltd 2020