Lakeland Dairies scoops up frozen yogurt firm

In a statement on the deal, Taste Trends, which claims to be the largest manufacturer of frozen yogurt in Europe, said the firms had complementary capabilities that could boost its foodservice customer base.

“Taste Trends has specialist expertise in frozen yogurt innovation with delicious recipes, market knowledge and insight,” ​it said.

“Lakeland Dairies has a heritage of excellence in dairy spanning over 100 years with a multi-million​ [pound] ice cream and food ingredients business and a direct market reach to over 70 countries worldwide. The company is particularly well known in the UK through its Pritchitts dairy foodservice business.​

‘Platform for growth’​

“The combination of both businesses provides a platform for the continued growth of Taste Trends and its brand Coolicious which is the leader in the European foodservice market for frozen yogurt. Taste Trends has 20 years of experience in category leadership and innovation, selling over 17M portions of frozen yogurt each year.”​

Dairy processing cooperative Lakeland Dairies would support Taste Trends’ development of products and applications for foodservice operators in the casual dining, snack and healthy refreshment markets, said Taste Trends.

“Both companies specialise in working with clients to bring new foodservice concepts and solutions to market,”​ it added. “Taste Trends also promotes the benefits of frozen yogurt to consumers in partnership with its trade customers and sells its products across the UK and increasingly internationally.”​

Taste Trends would continue under its current management team, with Tammy Pepper leading innovation in product development and founder Richard Drane as md, it said.

Drane had 25 years of experience in the industry, including the launch of the frozen yogurt concept in the UK in 1988, the company claimed. He commented: “I’m really pleased that Lakeland Dairies is supporting Taste Trends’ further expansion in the UK and abroad.”​

‘Global trends’​

Michael Hanley, ceo of Lakeland Dairies, added: “Frozen yogurts are very appealing, natural and wholesome products and they are proving immensely popular with consumers worldwide.  As a product category they are also perfectly aligned with global trends of healthy eating, natural dairy products and food customisation.​

“We’re very pleased to have this opportunity to work with Richard, Tammy and their management team to further develop their business through our combined expertise, with continuing investment in sales and marketing and an expansion of sales through our international market reach.”​

Staffordshire-based Knights handled the legal work on behalf of Taste Trends with corporate finance advisory firm Oghma Partners managing the financials.

It was the latest in a string of food industry mergers and acquisitions Oghma Partners had advised on, including the Irish Dairy Board/Adams Food Ingredients purchase of FoodTec UK from Dairy Crest​.

Lakeland Dairies gets its milk supplies from more than 2,200 family farms in Ireland and sells dairy foodservice products and ingredients to customers in the UK, Ireland and more than 70 countries worldwide.