Sector News

Cranswick splashes £40m on Crown

April 11, 2016
Food & Drink

Hull-based food processing giant Cranswick has acquired Crown Chicken, an £84m-revenue poultry producer in East Anglia, for £40m.

Cranswick has acquired CCL Holdings and its subsidiary Crown Chicken from the Thacker family and management.

Crown breeds, rears and processes fresh chicken for supply into a broad customer base across grocery retail, food service, wholesale and manufacturing channels. It also has a milling operation which satisfies all of the business’ own feed requirements as well as supplying feed to other pig and poultry producers in East Anglia.

For the year ended 31 December 2015, revenue for Crown was £83.8m and adjusted EBITDA was £6.6m. Crown employs a total work force of approximately 400 across its operations.

Nigel Armes (mill director) and Matthew Ward (agricultural director) will remain with the business and we welcome Nigel, Matthew and their team to Cranswick and look forward to working with them to develop the business further.

David Thacker, the current chairman of Crown, retires from the business.

“Crown is a well-respected operator in the UK poultry sector and represents an excellent opportunity for Cranswick to continue the development of its UK poultry business, building on the highly successful acquisition of Benson Park, the market leading producer of premium cooked poultry, in October 2014,” said Cranswick chief executive Adam Couch.

“This acquisition represents important progress in our long term growth strategy of developing new product channels in both pork and other proteins.”

By Laurence Kilgannon

Source: Insider Media

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