Pioneer acquires UK snack firm
Stream Foods – manufacturer of children’s snack Fruit Bowl – has been acquired by South African own-label cereal manufacturer Pioneer Food Group from Wellness Foods for £7.5M.
The purchase was in line with Pioneer’s strategy of acquiring and bolstering its product range in the UK with branded options.
The deal was said to augment and leverage the company’s UK own-label portfolio and its recently-upgraded manufacturing capabilities, according to a Pioneer statement to the Johannesburg stock exchange.
Stream Foods’s marketing manager Nick Munby said it would be “business as usual” for Fruit Bowl following the deal and investment in in the healthy snack category would continue.
Stream Foods employs 98 people at its factory in Wisbech, Cambridgeshire and its products are sold throughout Europe and China.