Bakery Acquisition
December 21 2001 - 5:12AM
UK Regulatory
RNS Number:0940P
AGA Foodservice Group PLC
21 December 2001
21st December 2001
FOR IMMEDIATE RELEASE
AGA FOODSERVICE GROUP MAKES BAKERY ACQUISITION
Aga Foodservice Group has acquired Millers Bakery Machinery (Bury) Limited
("Millers"), a specialist facilities management and manufacturing company,
for #12.8 million in loan notes.
Millers, a privately owned operation based in Bury employing 100 people,
specialises in facilities management of bakery and related equipment for
major supermarket groups. It also manufactures and refurbishes bakery
equipment. In the year ended 31st July 2001 turnover was #8 million and
operating profits were #1.3 million. Net assets on completion were
approximately #2.3 million. It is performing particularly strongly in the
current year following important new contract wins.
Millers will complement the Group's existing UK bakery operation, Mono, and
together they will have a product range to support the Group's plans to grow
in export markets.
William McGrath, Chief Executive said, "Millers exemplifies our strategy to
acquire strong niche businesses in the foodservice sector. It complements not
only Mono and our refrigeration operation, Williams, but also Serviceline in
providing support services for the foodservice sector. We look forward to
working with the Millers' team."
For further information:
William McGrath, Chief Executive - 0121 742 2366
Nina Richmond, Brunswick Group - 020 7404 5959
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