LONDON (dpa-AFX) - Premier Foods Plc (PFD.L) announced Monday that it has agreed to acquire Spice Tailor, a premium, authentic Indian and South East Asian meal kits and accompaniments brand, for initial consideration of 43.8 million pounds on a cash free and debt free basis.
The company said the additional consideration is dependent on future performance, earn out structure over a three year period from FY23/24, subject to further growth targets.
The completion is subject to merger control clearance.
The deal is expected to be earnings accretive in year one and funded through a combination of cash and available committed facilities.
The Spice Tailor is expected to generate revenue of 17.3 million pounds in fiscal 2023. The company's largest markets are the UK and Australia which account for 58% and 35% respectively of annual FY21 sales.
Premier Foods noted that Spice Tailor is highly complementary to its Sharwood's and Loyd Grossman brands.
Alex Whitehouse, Chief Executive Officer, said, 'This acquisition represents a highly complementary geographical fit, and we see significant potential to expand The Spice Tailor's distribution in all our target markets. We see this as another important milestone for us following the Group's strong performance over recent years and The Spice Tailor is an important addition to accelerate our future growth plans.'
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