|LOS ANGELES, May 9, 2013 /PRNewswire/ — Flagship Food Group has announced that it has agreed to terms to acquire Atlantic Foods Group, Ltd. The transaction will bring together two businesses focused on developing, sourcing, manufacturing, and distributing a wide range of innovative food products for retail and restaurant customers. U.K.-based Atlantic Foods Group will bolster Flagships’ international presences while adding an impressive line-up of food service products and customers. The combined business is expected to generate approximately $300 million in annual turnover, operating seven facilities in five time zones. Terms of the proposed transaction were not disclosed.
Rob Holland, CEO of Flagship, said “The acquisition of Atlantic Foods Group will represent an excellent opportunity for us to further develop our global food business, building on the successful acquisitions we have achieved to date. It will provide new competencies for us in the fast growing food-service markets and extend our geographic footprint into Europe.”
Russell Maddock and Edward Baker will remain in their current capacities as CEO and Managing Director, respectively, of Atlantic Foods. Maddock commented, “Our new partnership with Flagship represents the perfect fit for our company. Flagship values our people, our products, our relationships, our culture, and all of the attributes that make Atlantic Foods Group valuable to our customers. We expect very little to change, other than that we now have more resources and support to fuel our mission of becoming a premier, food service-focused, collaborative supplier partner to our customers across Europe.”
The transaction, which has been recommended by the Board of Atlantic Foods Group, requires approval from the Atlantic Foods Group shareholders. Completion of the deal is expected to occur by the end of May 2013.