Cranswick adds to non-meat portfolio with two plant-based food business buy-outs

Two UK-based European vegan cuisine businesses have been added to the Cranswick portfolio in a £6.4 million summer investment spree.

The Hull-headquartered firm has brought foodie entrepreneur-founded operations Ramona’s Kitchen and Atlantica UK into the fold.

Details were revealed as the FTSE 250 Index listed company’s half year results were published. Subject to performance there could be further payments up to £3 million.

Read more:Pigs in blankets will be on the Christmas menu – Cranswick

Watford-based Ramona’s Kitchen focuses on plant-based dips and Mediterranean foods, and Atlantica UK, imports continental produce such as tortillas and pastes. It is located in Exeter.

Described as strengthening the convenience category and broadening the product offering in the fast-growing market sector, chief executive Adam Couch said they were “complementary bolt-on acquisitions further strengthening our non-meat range”.

Adam Couch, CEO at Cranswick

The pair would have contributed almost £4 million in sales across the full half year had they been in ownership for the entire period.

Ramona Hazan, a “real mum from a real Mediterranean family” is behind the August addition, drawing on Turkish, Egyptian, Greek and Italian influences to ensure that “from humble plants and pulses come enchanting dishes”.

Listings include Sainsbury’s Amazon, Budgens Co-op and Ocado.

Nick Hess founded Atlantica after success with dressings and sauces from a cafe led to listings with Tesco. He had emigrated to Spain as a child, returning to the UK with continental taste buds to complete education before embarking on an early career in hospitality. It offers wholesale supply.

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Mr Couch said: “Bolt-on acquisitions have always been a feature of our strategy, and these while relatively small are very meaningful. Both are in non-meat, and the hummus business has already attracted new business, with listings in Sainsbury’s. There are a lot of advantages to the businesses with the strength of the management expertise and customer relationships we have.”

He said both the hummus and tortilla additions will allow, in time, for wider products on the meze plate convenience range, adding to existing olive and feta cheese offers.

Cranswick made major steps into the segment when it acquired Katsouris Brothers in 2019, in a £43 million deal.

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