Jain Irrigation to acquire 80 per cent stake in UK's Sleaford Quality Foods
03 Nov 2010
Jain Irrigation Systems Ltd has entered into an agreement to acquire an 80-per cent stake in UK-based industrial food ingredients supplier, Sleaford Quality Foods Limited.
The acquisition will give Jain Irrigation's food division direct access to a large ethnic food market in the UK and the possibility for addition of new products in its food division product range, the company said in a release.
Jain Irrigation said it has the call option for acquiring the balance 20 per cent stake, based on earn-out model, over a period of four years.
Sleaford Quality Foods Limited has been in the food ingredients business for over 40 years. Its product range covers a large spectrum of food ingredients, including dehydrated vegetables, spices, herbs, dehydrated fruits, soup mixes, pulses, canned vegetables, etc.
With UK-wide distribution network and a strong sales force, Sleaford sells its products to multinationals and other food companies under its own brand name or private labels.
"We are very pleased to be involved with Sleaford Quality Foods," said Anil Jain, managing director of Jain Irrigation. "Sleaford's commitment to produce high quality products coupled with its excellent reputation for customer service will greatly help in opening-up of large opportunity for our food processing division," he stated.
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