Mars reaches $35.9bn deal for Kellanova
In the largest transaction announcement of 2024, Mars reached a deal to acquire snack brand Kellanova for $35.9bn in August.
The move had been long-rumoured in the US media, with the final agreement valuing Kellanova at $83.50 per share.
The deal is anticipated to close during the first half of 2025, after which point Kellanova is set to become part of the snacking division of Mars.
Mars CEO Poul Weihrauch said that by adding Kellanova’s portfolio to its snacking business unit, the company has a “substantial opportunity” to develop a business that is “fit for the future”.
“We will honour the heritage and innovation behind Kellanova’s incredible snacking and food brands while combining our respective strengths to deliver more choice and innovation to consumers and customers,” Weihrauch added.
Carlsberg poised to acquire Britvic
Carlsberg first agreed to acquire fellow drink manufacturer Britvic for £3.3bn in July, before receiving regulatory clearance to complete the deal in December.
Britvic shareholders backed the offer in late August at the firm’s AGM, but it was subject to a brief investigation by the Competition and Markets Authority that was later dropped.
The deal is expected to close in the new year, with Carlsberg planning to create a single integrated beverage company in the UK named Carlsberg Britvic.
“We believe the combination of Carlsberg and Britvic will create a highly attractive multi-beverage supplier in the UK, with an efficient supply chain and distribution network that provides our customers with a portfolio of market leading brands and world-class service,” said a spokesperson for Carlsberg.
Alongside the Britvic announcement, Carlsberg acquired Marston’s 40% stake in the Carlsberg Marston’s Brewing Company for £206m.
Princes Group sold to Newlat
Princes Group was acquired by Newlat Food in August for £700m.
First announced in May, the move saw Newlat acquire all Princes related operations and brands from former owner Mitsubishi Corporation.
Newlat is an international agro-food group based in Italy that operates in the UK, Germany and France, as well as in its home market.
Trading as New Princes Group, the firm now operates as a UK-based subsidiary of Newlat.
Commenting on the news, Princes CEO Simon Harrison, said: “This is an exciting prospect for Princes, and we are delighted that Newlat share our confidence in the Group’s strategic growth plans, brand strategy, operational excellence and people culture. The intended sale remains an ongoing process and further information will be shared in due course.”
Typhoo Tea rescued from administration
FMCG firm Supreme acquired Typhoo Tea out of administration in December in a deal worth more than £10m.
It was announced on 28 November that Typhoo had appointed administrators and Supreme moved quickly to secure a deal.
In the 12 months to September 2024, Typhoo generated revenues of approximately £20m and a loss before tax of approximately £4.6m, following a £38m loss the previous year.
Worth £10.2m, the deal includes Typhoo’s stock and trade debtors valued at £7.5m.
Commenting the deal, Supreme CEO Sandy Chadha said that the Typhoo brand will fit nicely into the firm’s newly established soft drinks division.
“We believe the addition of Typhoo Tea and its highly complementary blend of great value and premium tea brands, creates tangible cross sell and product innovation opportunities in the near-term, alongside avenues into credible UK retailers that Supreme has been looking to partner with,” added Chadha.
Panesar Foods acquired by Finnish firm
UK manufacturer of sauces, salsas and condiments Panesar Foods was acquired by Finnish F&B firm Paulig in October.
No financial details about the deal have yet been released, with Paulig emphasising its desire to accelerate its growth within the world foods category.
Panesar is a family-owned company based in the West Midlands that employs 308 members of staff. As of 2023, it reported a turnover £59m.
Bill Panesar, CEO at Panesar Foods, said the firm would retain its commitment to innovation and delivering high-quality while bringing products to market alongside Paulig.
“We are incredibly proud of our history and the remarkable growth we have achieved since our culinary journey began in 1992,” Panesar added.
“As Panesar Foods becomes part of Paulig, I am confident that our ambitions for international growth will be realised, and the business will continue to thrive.”
Samworth Brothers purchases The Real Wrap Co
Samworth Brothers acquired The Real Wrap Co for an undisclosed fee in April.
The Real Wrap Co was co-founded by Phillippe Gill and Jason Howell in 2010, with Samworth Brothers purchasing a minority stake in the business in 2023.
On 17 April, a spokesperson for Samworth Brothers confirmed to Food Manufacture that it had purchased the remaining shares, and noted that its chief operations officer Paul Davey would continue to sit on The Real Wrap Co board.
The Real Wrap Co produces a wide range of sandwiches, wraps and salads, and is based in Avonmouth, Bristol.
“Food to go has been a tremendous success story for Samworth Brothers in recent years, and we believe the category is well-positioned for growth,” said chief executive Hugo Mahoney.
“The Real Wrap Co has great future potential, and the capability and scale of Samworth Brothers will help support further development for The Real Wrap Co business.”
KP Snacks seals Whole Earth Foods deal
UK food manufacturer KP Snacks agreed to acquire Whole Earth Foods from Ecotone in November.
Whole Earth has been owned by Ecotone since 2003 and produces a range of nut butters and soft drinks.
Meanwhile, KP Snacks, which is part of the German Intersnack Group, owns a series of crisp and nut brands including McCoy’s, Hula Hoops, Tyrrells, Butterkist, KP Nuts, POM-BEAR, Popchips and Skips.
No financial details of the deal or a projected completion date were disclosed in the announcement.
Speaking when the deal was announced, KP Snacks CEO Mark Thorpe said: “Whole Earth Foods is a fantastic addition to our business, expanding our selection of delicious, healthier products. Known for its commitment to high-quality, nutritious food, Whole Earth Foods complements our portfolio of iconic brands and aligns with our sustainable business practices.”
