Confectionery company Glisten has doubled its annual turnover to around £60m with the acquisition of snack bar and inclusions manufacturer Halo Foods Group.
The Group comprises Halo Foods, the UK's largest producer of snack bars for own-label, manufacturing around 200m bars a year from its Welsh-based production sites at Twyn and Newport, and confectionery inclusions business Nimbus Foods, based in Dolgellau. The deal is worth around £6m with a further £8m dependent on performance in 2005 and 2006.
According to Glisten, the Halo purchase will allow it to focus on confectionery products for own-label, foodservice and export while also continuing to manufacture for niche markets.
In particular, Glisten said it would strengthen supply of inclusions to the ice cream, bakery and desserts sectors. It also expected strong demand for cereal bars -- a market worth around £200m.
The acquisition is Glisten's fifth and largest since its flotation in June 2002. The company bought confectionery manufacturer F Fravigar in January 2004, assets and brand names from Penguin Confectionery in March, and House of York confectionery in July last year. Glisten's chief executive Paul Simmonds said it was on the lookout for more.