Walker Morris Team advises on second food company acquisition in a weekPrint news article
Lawyers from Walker Morris have advised on the sale of Hull-based poultry processor, Benson Park, to leading food producer Cranswick.
Last week the Team also advised on Symington’s acquisition of part of the Tanfield Food Group.
Food producer Cranswick, also based in East Yorkshire, has acquired the entire issued share capital of Benson Park, which supplies chicken products to customers which operate in the fast growing food-to-go sector of the retail multi-channel, convenience and foodservice markets.
Benson Park, employs around 90 staff and in the year to 31 August 2014 revenues grew to £41.1m. The strategic acquisition moves Cranswick into a new protein sector.
Adam Couch, Chief Executive Officer of Cranswick, commented:
“A key component of the Group’s long term growth strategy is to develop new product channels in its core UK market both in pork and other proteins. Today’s announcement represents important progress in that objective. This strategic investment moves Cranswick firmly into a new protein category with a well invested business that has a strong presence, supplying premium poultry products, in the fast growing food to go sector. David Park, Managing Director, will remain with Benson Park and we welcome David and his team to Cranswick and look forward to working with them to further develop the business.”
John Hamer from the Walker Morris Corporate Group advised Alastair Benson and David Park on the sale.
John Hamer commented:
“We are pleased to have been able to help Alastair and David realise the sale of their business which they have grown from a start-up into a real success. We are currently seeing a number of M&A transactions in the food sector and this is the second such deal we’ve advised on in a week.”