Chilled pizza company Stateside Foods has been snapped up by German pizza giant Freiberger for an undisclosed sum.
The move gives Freiberger, a subsidiary of German sugar firm Sudzucker, its first UK plant. The deal was managed by venture capitalist 3i, which masterminded the acquisition of Stateside Foods from Lion Foods in the early 1990s.
3i subsequently financed the purchase of Tolona Pizza, which was incorporated into Stateside Foods, from McCain. The business has grown since then from sales of £15m to an ancitipated £50m this year.
Stateside Foods said it would retain its current management team which would work with Freiberger to develop the business.
Outgoing Stateside Foods chairman Brian Milburn said: “Over the last three years Stateside has been repositioned under MD Jon Lucas. The management is perfectly positioned to take full advantage of the converging trends of well-run businesses in the chilled foods arena.”
The move gives Freiberger, a subsidiary of German sugar firm Sudzucker, its first UK plant. The deal was managed by venture capitalist 3i, which masterminded the acquisition of Stateside Foods from Lion Foods in the early 1990s.
3i subsequently financed the purchase of Tolona Pizza, which was incorporated into Stateside Foods, from McCain. The business has grown since then from sales of £15m to an ancitipated £50m this year.
Stateside Foods said it would retain its current management team which would work with Freiberger to develop the business.
Outgoing Stateside Foods chairman Brian Milburn said: “Over the last three years Stateside has been repositioned under MD Jon Lucas. The management is perfectly positioned to take full advantage of the converging trends of well-run businesses in the chilled foods arena.”
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