The Bakkavör Group has acquired the Exotic Farm Produce (EFP) group. The deal was announced on Tuesday, after more than six months of negotiation.

The acquisition includes both EFP’s Cucina Sano and high-care businesses.

The consideration price, which remains confidential, was financed through and paid for by the Icelandic group’s own cash resources.

“The EFP group has a good strategic fit with our existing businesses,” said Bakkavör ceo ágúst Gudmundsson. “This is a successful business with good prospects for growth, through existing and new customers in the UK and abroad.”

EFP is based in Lincolnshire and employs 370 people. “It is a complementary business to our own,” said a Bakkavör spokeswoman. The Icelandic firm owns a host of prepared produce and chilled food firms in Europe, and took over Geest in the UK in 2005.

Bakkavör said EFP will be consolidated into its existing group of companies with immediate effect, but stressed the acquisition will not have a material effect on financial results during this financial year.

John Dutton, md of EFP, said the Exotic Farm name will stay. “Bakkavör is taking over a very strong company and it will be business as usual,” he said.

“It is something we are very excited about, and it has gone down well with our staff and our customers,” he added.

Topics