European ingredients group Solina has acquired food coatings specialist Bowman Ingredients from the family owners for an undisclosed price tag.
Hertfordshire-headquartered Bowman makes breadcrumbs, batters and marinades for the foodservice industry and retail food processors.
Established in 1990, it operates from four sites in the UK, including a gluten-free and allergen-controlled manufacturing plant opened in 2016.
In addition, as part of a wider expansion into mainland Europe, a manufacturing facility was opened in Poland this year.
The group also has two joint ventures in South Africa and Thailand.
The company has revenues of about £60m and employs more than 200 staff.
Founder and CEO Rory Bowman said: “We are delighted to become a part of the Solina Group, who clearly share the same values, passion and innovative spirit as Bowman Ingredients.
“Our management team will remain in place, and I am excited to be working with Solina to continue to lead Bowman Ingredients at such an exciting phase of our growth. We look forward to exposure to Solina’s new technologies and enhanced geographical reach.”
Solina CEO Anthony Francheterre added: “We were continuously impressed by Bowman’s expertise and the strength of the management team.
“Beyond being a strong cultural fit, Bowman Ingredients is well established in the convenience food and foodservice quick service restaurants, which represent a strategic pillar for Solina’s future growth. Working in partnership, Solina and Bowman are complementary, both in terms of product portfolio and customer base.”
Solina, which has annual revenues of almost €500m, has 26 sites across Europe and China, including two in the UK.
Grant Thornton’s Cambridge corporate finance team led the deal, with Birketts providing legal advice. Trefor Griffith, Grant Thornton corporate finance partner, said: “Despite the significant headwinds faced by the industry we’ve remained very busy advising on M&A and continue to see transactions happen.
“There is obvious demand from trade and financial buyers for innovative and well-positioned UK food businesses like Bowman Ingredients and we look forward to seeing their continued success as part of Solina.”