Thu, 05 Aug 2021 | BUSINESS SALE
Leeds-based snack and instant meal manufacturer Symington has been acquired by Italian firm Newlat Food for £53 million. The deal represents a 5.5x multiple of the firm’s last reported EBIDTA of £9.6 million, generated on turnover of £114 million in the year ending August 2020.
After experiencing surging demand during Covid-19 lockdowns, Symington began exploring a sale earlier this year. The firm is a major force in the UK’s £385 million per year hot snacks sector, manufacturing well-known brands including Chicken Tonight, Ragu and Mug Shot, among others.
The company’s products are sold in shops and supermarkets across the UK and in many international locations. The company has a manufacturing facility and distribution centre in Leeds and two further facilities in Durham and Leeds.
Newlat is also a food manufacturer, producing pasta, baked goods, baby food, milk and milk products. The company, which made an unsuccessful bid to acquire UK breadmaker Hovis last year, has 14 production locations in Italy, as well as a facility in Germany.
Symington CEO David Cox said: “This is fantastic news for us. Newlat wants to invest in our business and our brands. It provides long-term security for our business with an international ambient and dairy food player operating in mutually beneficial categories and is an exciting time for us both.
“By bringing together both businesses we can combine our strengths, accelerate our growth and increase our global footprint. Symington’s provides a strong springboard for Newlat’s brands into the UK market and Newlat gives us further opportunities for us to grow our brands internationally where Newlat has operations – in Italy and Germany.”
Newlat Chairman Angelo Mastrolia added: “We are happy to announce the acquisition of Symington. This is an interesting business with high potential for growth and we deem it to be a perfect fit into our strategic plan. We see a number of synergies between our businesses as we both produce complementary but different categories of products.
“Not only will there be significant cost synergies, but also, this acquisition allows us to enlarge and diversify our product range and our geographical reach. This opportunity enables us to set foot into the UK and thus consolidate our position in this extremely relevant market. We are ready to invest in the business and to support its international expansion.”
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