Premier Foods has acquired Indian and South East Asian meal kit and accompaniments brand The Spice Tailor, in a deal worth almost £44 million.
The Bisto and Mr Kipling maker described its latest asset as a “high growth premium brand” with more than 20 percent compound annual growth rate over the previous four years.
Premier already enjoys huge success through its Sharwood’s and Loyd Grossman sauce ranges. The FMCG giant said the purchase represents a “highly complementary geographical fit” with its current brands, adding there was “significant potential” to expand distribution across all its target markets, namely the UK, Australia, Canada and Ireland.
Premier CEO Alex Whitehouse described the deal as another “important milestone” for the company. “We have greatly admired The Spice Tailor business for some time and we’re very much looking forward to it joining our existing stable of strong brands. The acquisition is well aligned to our growth strategy and we see a clear opportunity to build on the excellent track record of The Spice Tailor, by leveraging the elements of our proven branded growth model. We see this as another important milestone for us following the Group’s strong performance over recent years and The Spice Tailor is an important addition to accelerate our future growth plans.”
Adarsh and Anjum Sethia, Founders of The Spice Tailor said: “We’re very pleased that The Spice Tailor will become part of Premier Foods and are looking forward to unlocking further growth for the brand which we have nurtured since its inception.”
They added: “We see Premier with their track record of brand investment and strong commercial relationships as the perfect fit for The Spice Tailor, driving it onto the next stage of its evolution.”