Privately-owned Kestrel Foods has acquired pretzel snack brand Indie Bay from Nurture Brands, which will see it joining a portfolio that includes Forest Feast, ACTI-SNACK and Just Live a Little.
London-based Indie Bay Snacks are the brand behind ‘pretzel thins’ – an on-the-go savoury snack, looking to disrupt the crisp market with its claims of 70% less fat.
Commenting on the acquisition, Adam Draper, managing director of Nurture Brands, which owns a number of plant-based names, including Rebel Kitchen, Jax Coco and EMILY, said he is “happy to see Indie Bay go forward and become an important part of Kestrel Foods portfolio” as Nurture consolidates it resources around these three brands.
“The acquisition of Indie Bay is aligned to our ambition of creating a fast paced and innovative snacking business,” added Michael Hall MBE, founder and CEO of Kestrel Foods.
“We believe Indie Bay offers consumers and customers something different in our portfolio, and we see great potential for growth through our strong brand, innovation and go to market capability.”
The Northern Ireland based Kestrel Foods has generated a turnover of £23.2m in the year to end of April 2023, growing 20% year-on-year, with a customer base that includes retail, foodservice, direct to consumer (DTC) and travel. Operating costs stood at £559,038, increasing from £531,674 in 2022 and net profit fell from £469,248 to £381,356 due to higher interest costs.
Kestrel attributes its growth to further gains in distribution points within Great Britain, alongside increasing the portfolio of newly developed products. It currently exports to more than 20 countries worldwide.
Development of its portfolio of branded products has been rewarded with a 36.3% growth in branded business during the year; and it says it remains on course to reach future growth targets on continuing geographic expansion.
It has acknowledged that the snack market remains competitive, with innovation a key part of its strategy in carving out a space. The company is also looking to grow its presence in the breakfast category, following the acquisition of Just Live a little in December 2021. The brand is being re-launched centred around a gluten-free proposition.
In other news, the highly anticipated outcome from the House of Lords Food, Diet and Obesity Committee is here. We give you an easy breakdown of the 179-page document, ahead of our webinar discussing ultra processed foods next month.
