Sector News

Orkla aquires cone maker Waverley Bakery

March 1, 2016
Food & Drink

Through its wholly-owned subsidiary Idun Industri AS, Orkla Food Ingredients has purchased The Waverley Bakery Limited, a leading supplier of ice cream cones, wafers and accessories in the UK.

Waverley primarily sells ice cream cones and wafers to the grocery sector in the UK. The company also offers ice cream cones, ingredients and accessories to ice cream parlours and small-scale ice cream manufacturers. OFI is one of Europe’s leading suppliers of ice cream ingredients and accessories, with a presence in the Nordic region, Germany, the Netherlands and the UK. With the acquisition of Waverley, OFI is strengthening its market position in ice cream cones and wafers, ingredients and accessories in the UK. The acquisition also adds the grocery trade as a sales channel for OFI in the UK.

“This acquisition is in line with Orkla’s aim of growing in selected categories and markets where we see a potential for further growth and synergies. The acquisition of Waverley gives Orkla Food Ingredients a leading position in the market for ice cream ingredients and accessories in the UK,” says Pål Eikeland, Orkla SVP and CEO of Orkla Food Ingredients.

Waverley Bakery has been a well-known name in the Scottish ice cream industry for more than 100 years. The company is part of Lee’s Foods Group. The business is located in Glasgow, Scotland, and has around 45 employees. The company achieved a turnover of GBP 5.9 million (approx. NOK 72 million) in 2015 and EBITDA of GBP 0.7 million (approx. NOK 8.7 million). Waverley Bakery is valued at GBP 5.2 million (approx. NOK 63 million) on a debt-free basis.

Source: Orkla

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