Food appliance firm acquired in multi-million pound deal
Elaghmore will provide financial backing to develop and expand Priden’s food engineering business, as well grow it into a national business in the total vehicle solutions market.
Priden will work closely with Elaghmore’s previous acquisition SB Components, with the two companies employing 250 people and combined sales of more than £40m a year.
The engineering firm is the second company within the food and drink industry acquired by Elaghmore, following its purchase of Chaucer Foods. It exited Chaucer in 2016.
Develop and grow Priden
Andy Ducker, founding partner at Elaghmore, said the firm would use its experience with Chaucer to help develop and grow Priden.
“At the same time, we want to help Priden take advantage of opportunities to collaborate and work with the team at SB Components,” added Ducker. “We are looking forward to working closely with Priden’s management to help realise these goals.”
Priden has four factories and a 100-strong workforce. Elaghmore has bought Priden from its management, who will remain with the business.
‘Strong financial backer’
Commenting on the transaction, Priden director Kevin Walker said: “With Elaghmore, Priden now has a strong financial backer, with a track record of growing businesses, who can help us build on our successful work and take us to the next level of our development.
“By working closely with another thriving local company, SB Components, it means we can achieve our ambition of establishing Priden as a national business and open up new opportunities to bring our engineering expertise to new sectors.”
Meanwhile, Goodfella’s Pizza should deliver sales of £133m and up to £22m in profit within two years of its acquisition by Birds Eye owner Nomad Foods, the company said last month.
