Walker Morris advises Grupo Palacios on the acquisition of Rhokett LtdPrint news article
Walker Morris’ corporate team have advised leading Spanish food product producer, Grupo Palacios de Alimentación (Palacios) on its acquisition of Rhokett Ltd, the Kent-based supplier of premium chilled desserts.
With this acquisition, Palacios expands one of its core business units, chilled desserts, consolidating its position in the UK market and strengthening its leading position in the chilled desserts space in Europe.
Palacios, founded in 1960, employs over 1,000 staff and has five production facilities in Spain and one in the US. The company is one of the leading food companies in Spain, with sales in excess of 250 million euros across five main business lines (meat products, refrigerated pizzas, ready-to-eat omelettes, desserts and ready-to-eat prepared foods, that include plant-based protein products). It sells its products in Spain, France, Portugal, the US, the UK, Belgium, and Germany, as well as in forty other countries, through select retailers and food service outlets.
Throughout its history, Palacios has grown both organically and inorganically with the acquisition of other businesses, some of which still run as independent business units. It is backed by MCH Private Equity Investments, a leading mid-market private equity Fund in Spain.
Pedro Dominguez, CEO at Palacios Group commented:
“This acquisition is aligned with our strategic objectives and continuing M&A activity, and will enable internationalize the Palacios Group in one of our target markets such as the United Kingdom, that will allow us to continue focusing and growing in Pastry, one of our “core” businesses. We have acquired a great company, managed by an excellent team and we are very happy to team up with them in this new adventure”
John Hamer added:
“We are delighted to be supporting Palacios on this latest transaction. Food & Drink is a dynamic and innovative section, which is facing increasing change. We have established a strong track record in providing corporate legal advice to companies in the food & drink sector and we are delighted to reinforce that expertise through our support to the team at Palacios.”