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Pioneer Foods buys UK's Streamfoods for £7.5m

Aug 01 2016 14:03

(iStock)

Company Data

PIONEER FOOD GROUP LIMITED [JSE:PFG]

Last traded 109
Change 0
% Change 0
Cumulative volume 50267
Market cap 0

Last Updated: 01/01/0001 at 12:00. Prices are delayed by 15 minutes. Source: McGregor BFA

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Cape Town - The Pioneer Food group [JSE:PFG] announced on Monday that it had bought UK-based Streamfoods Holdings for £7.5m (R137m).

Streamfoods is wholly owned by the Wellness Group of companies.

Pioneer Foods, whose brand portfolio includes names like Weet-Bix, Liqui-Fruit, Ceres, Sasko, Safari, Spekko and White Star, said the acquisition is in line with its stated strategic intent of acquiring and bolstering Pioneer Foods' product range in the UK with branded options.

The local group said the acquisition will also augment and leverage the company's UK private label portfolio and its recently upgraded manufacturing capabilities.

In addition, Streamfoods also exports their core brand Fruit Bowl to China and Europe.

Pioneer Foods has extensive competence in the fruit snacking category, which bodes well for the development of the category and its brand position, it said in a statement to shareholders.

Pioneer shares were trading 0.98% higher at R180.75 by 13:38.

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