Japanese firm swoops for £94m-turnover food group

JAPANESE freeze-dried food producers Nagatanien have acquired Yorkshire-based company Chaucer.

The premixed and instant food manufacturer has bought Hull-based business Chaucer Food Group to allow it to enter new markets with a focus on ‘health and wellness’.

Broomco, the holding company for the three Chaucer businesses which include the bread, branded products and freeze dried divisions, reported a 17% increase in revenues to $139m (£94m) last year.

Chaucer’s current management team will be retained and chief executive officer Andy Ducker will continue to lead the group towards its ambitions as a growing global business. It already manufactures in the UK, China, France and the US.

Founded in 1953 and based in Tokyo, Nagatanien manufactures ochazuke (rice with green tea), furikake (Japanese rice seasonings), soup, prepared food, flavorings and noodles, as well as manufacture and processing of materials and the provision of packaging services of semi-processed products.

Andy Ducker, CEO of Chaucer commented: “We are delighted to be partnering with Nagatanien. They are a longstanding business and the leading brand in the Japanese market for premixed, instant and freeze-dried food. From inception, Nagatanien’s corporate philosophy has been “Aji-Hitosuji” translating to ‘naturally excellent taste’, and this is perfectly aligned with our own attitude of producing healthy ingredients to meet the growing trend towards healthy eating and nutrition.

The Group is excited by the cross-selling and growth opportunities that this partnership opens up to both parties and I look forward to working with the Nagatanien team.”A team from KPMG provided vendor due diligence to Broomco, which owns Chaucer Food Group, on the transaction. The team was led by Leeds-based partner Chris Stott and supported by Jonathan Terry and Stephanie Fare.

Chris Stott, partner and head of transaction services at KPMG in Yorkshire, said: “Food manufacturing is a core element of the economy in Yorkshire and the North East and this deal demonstrates the strength of the industry in the region and the growing interest from international trade buyers to invest in British businesses.”

At the end of 2014, the group acquired Crunchies Natural Food Company in Los Angeles out of Chapter 11, similar to an administration in the UK. Chaucer said that 2015 had been a “repositioning and rebranding” year for the business and it has plans to bring the Crunchies brand to Asia, Europe and the UK in 2017 as it looks to make it a multi-million dollar brand.

 

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