Rich Products acquires David Powell Bakeries in multi-million pound deal
US cookie maker Rich Products has boosted its presence this side of the pond with the purchase of independent baker David Powell Bakeries.
Rich has had a sales and marketing operation in the UK since the mid 1980s, and opened its first UK factory in Kidderminster in 2002.
The acquisition of David Powell will give it two additional UK sites and boost its turnover here to more than £20m, extending its product range to include bespoke premium muffins, shortbreads, ‘cinnabuns’, speciality breads and other niche sweet and savoury bakery products.
Both David Powell premises in Fareham, Hampshire will remain open and see future investment.
David Powell, who founded the company in 1991, will stay on as innovation director.
George Thomopoulos, president of Rich Products Europe, said: “Rich has ambitious plans for the UK and this acquisition represents both a significant investment and an exciting opportunity to further penetrate the domestic market.”
He added: “David Powell Bakeries has an enviable quality product offer which complements our own range of added-value products. And by having David staying on to help drive product innovation, we aim to strengthen our position as leaders in the premium category and at the same time ensure that we remain the trusted first choice supplier for our customers.”
Founded in the US in 1945, Rich created the world’s first non-dairy cream. Today it has over 6,500 employees and produces 2,000 products to generate annual sales in excess of $1.7bn.
