Kerry, the global ingredients, flavours and consumer foods group, today announced the acquisition of two North American food ingredients businesses – Custom Industries and Nuvex Ingredients. The businesses with annual revenues of US$83.7m were acquired for a total consideration of US$83m.
Custom Industries is a leading manufacturer of particulates for bakery and ready-to-eat cereal applications and confectionery ingredients for sweet goods. Operating from two modern manufacturing facilities located in St. Genevieve, Missouri and Toronto, Canada; Custom has experienced strong growth through leading food manufacturers, foodservice channels and regional bakeries.
Nuvex Ingredients operates from a state-of-the-art, organically certified, production facility located in Blue Earth, Minnesota. Specialising in customised high-protein and fibre nutritional lines, the business has well-established core supplier relationships with leading manufacturers of breakfast cereals, functional foods and nutritional snacks.
Commenting on the acquisitions, Hugh Friel, Kerry Group, Chief Executive, said : “The acquisition of Custom Industries and Nuvex Ingredients is consistent with our strategy of investing in and expanding the Group’s technical capabilities in nutritional and wellness food categories. Both acquisitions complement our existing facilities in the U.S. and Canada, adding new proprietary technologies and valuable production capacity to meet Kerry’s growth plans”.
- ends -