The deal was completed last month (December 2023), with the acquisition valued at £2.23m, £2.08m of which is payable in cash and £0.15m by the issue of new shares.
Based in Dublin, Ireland, Roebuck is a food and agribusiness investment group that is actively seeking new acquisitions. It also owns meat, seafood and dairy ingredients sourcing business Townview Foods, based in Newry, Northern Ireland, and dairy producer Cantwellscourt Farm in Kilkenny, Ireland.
Meanwhile, Moorhead & McGavin specialises in supplying pulses, cereals, pasta, rice and flours to the food industry. A limited company since 1923, the Motherwell-based firm has a customer base that includes Aldi, Brakes, Kerry, Princes, Baxters, the NHS, Stirling Group and Booker.
In 2022, Moorhead & McGavin reported revenue of £7.3m and EBITDA of £377,000.
As part of the deal, Nadia Brady will join Moorhead & McGavin as commercial director, while current managing director Marko Dafereras will remain with the business for the foreseeable future.
Commenting on the deal, Dafereras said: "The acquisition will enhance and support Moorhead & McGavin's substantial growth plans and help strengthen our position as a best-in-class, under-one-roof food and ingredients provider for foodservice, retailers, and manufacturers.
“Moorhead & McGavin and Roebuck are deeply client-centric, and together, we will deliver maximum value and an improved product range for our customers.”
Roebuck sold its Norish cold storage assets in 2021 for a total of £55.2m and has been pursuing acquisitions and strategic partnerships since.
“We actively seek investments that will help us diversify and broaden our portfolio in the food and agri space,” explained chief executive Kieran Mahon.
“We are excited about Moorhead's growth potential and the quality and integrity of the team behind it. It represents everything we are looking for in a partner acquisition.”
Having acted as the Norish division managing director between 2015 and 2021, Mahon returned as non-executive director in May 2023 and was appointed chief executive in July 2023.