US company Oaktree Capital Management has agreed to buy ice cream manufacturer Richmond Foods for £182.2m, subject to shareholder approval. Ruby Acquisitions, controlled by Oaktree, will combine Richmond with its European business Roncadin. Richmond Food's half-year pre-tax profit to April 2 rose 62.6% to £2.9m on sales down 4% at £48.7m.
67.4% sales rise
Drinks group Pernod Ricard's sales in the nine months to March 31 rose 67.4% to E4.57bn. It said sales had been helped by its acquisition of Allied Domecq last year and the sell-off of a number of brands. Sales of former Allied Domecq brands since July last year totalled E1.78bn.
More smokes sold
Trading performance at tobacco manufacturer Gallaher Group remained in line with expectation this year. Shareholders at the group's AGM this week were told that total cigarette volumes increased 6.7% to £38.6bn in the first quarter of 2006.