Premier Foods To Acquire The Spice Tailor For £43.8m

Premier Foods To Acquire The Spice Tailor For £43.8m
Premier Foods To Acquire The Spice Tailor For £43.8m

Premier Foods has agreed to acquire Indian and Southeast Asian meal kit and accompaniments brand, The Spice Tailor.

The British food manufacturer will initially pay £43.8 million for 100% of the shares of The Spice Tailor, with an additional consideration dependent on future performance.

The Spice Tailor produces Indian and Asian curry kits, pastes and meal bundles, and is expected to generate £17.3 million in revenue in the 2022/2023 financial year.

Premier Foods, owner of the Sharwood’s and Loyd Grossman brands, says that the acquisition will significantly expand its ethnic foods business in Australia. The company also expects to be able to grow The Spice Tailor’s current retail distribution across existing and new markets.

Alex Whitehouse, CEO of Premier Foods, said: “We have greatly admired The Spice Tailor business for some time and we’re very much looking forward to it joining our existing stable of strong brands. The acquisition is well aligned to our growth strategy and we see a clear opportunity to build on the excellent track record of The Spice Tailor, by leveraging the elements of our proven branded growth model.”

Whitehouse continued: “This acquisition represents a highly complementary geographical fit, and we see significant potential to expand The Spice Tailor’s distribution in all our target markets. We see this as another important milestone for us following the group’s strong performance over recent years and The Spice Tailor is an important addition to accelerate our future growth plans.”