Irish food company Kerry Group has expanded its ingredients business in a $440m acquisition of Quest Food Ingredients from the ICI Group.
The move comes hot on the heels of the Brains Faggots acquisition and recent deals to buy Hibernia factories making frozen ready meals and chilled desserts (The Grocer, February 28, p15).
Quest is a supplier of bio-ingredients and pharma-ingredients to snack, bakery, dairy, confectionery, culinary and pharmaceutical markets worldwide. The company operates from nine major sourcing units, including one in Menstrie, Scotland.
Kerry Group chief executive Hugh Friel said Quest would expand Kerry’s position in taste and texture ingredients and add a new list of global customers.
“With the increasing focus by the global food industry on the key areas of health, nutrition and food safety, this acquisition means there will be additional exciting growth opportunities for the group.”
Completion is expected in the second quarter of this year.