Cranswick to buy CCL Holdings and Crown Chicken
Cranswick paid a cash consideration of £40m for the deal, funded from existing bank facilities.
Cranswick's board described Crown as an integrated poultry producer based in East Anglia, which breeds, rears and processes fresh chicken for supply into a broad customer base across grocery retail, food service, wholesale and manufacturing channels.
It also consists of a milling operation, satisfying all of its own feed requirements as well as supplying other pig and poultry producers in East Anglia.
For the year ended 31 December, revenue for Crown was £83.8m with adjusted EBITDA sitting at £6.6m. Adjusted gross assets at year end were £28.4m. Crown's workforce totalled 400 across its operations.
Cranswick expected the acquisition to be modestly earnings-enhancing in the current financial year. ■