BDO oils the wheels of olive deal
THE Birmingham-based Transaction Services team at BDO have helped to carry out financial and tax due diligence one a major food sector deal.
The transaction has seen Winterbotham Darby acquire the chilled olive and antipasti business of Oxfordshire-based Alatoni.
Alatoni supplies products such as green olives hand filled with feta cheese, roast tomatoes with parmesan and pesto dressing, together with pitted black olives and Greek Kalamatas. Winterbotham Darby also specialises in the same category supplying continental meats and morning goods, chilled olives and antipasti.
Mark Pharoah, Chief Operating Officer, Winterbotham Darby said: “We selected BDO because of the precise nature and defined approach to the acquisition target. The ability of BDO to act swiftly and decisively on providing updated analysis to support our final judgement was key to the success of the transaction.
“The transparency and visibility throughout the diligence process without doubt supported the final deal position. I would without hesitation recommend using the BDO team’s services once again.”
The firm said one of its main achievements had been to create the chilled olive and antipasti category in the UK, going onto supply a number of the leading UK supermarkets since.
“We are always looking at ways to increase our manufacturing capacity and flexibility in a category that has now become the UK’s favourite way to consume olives,” it said.
“With that in mind, Alatoni are a well-established manufacturer of olives and antipasti, primarily servicing customers such as Morrison’s.”
Winterbotham Darby CEO, Steven Higginson said the acquisition had brought together two successful businesses and the company was now looking forward to using the enhanced platform to increase manufacturing capacity and further develop the olive and antipasti category in the UK and Europe.
“Alatoni is the perfect addition to our world-class manufacturing site in Lancashire, Deli Solutions, and our manufacturing platforms across Europe,” he said.
“We hope that our expertise in olive traceability, production, technical and quality standards, product innovation and category management will bring significant benefits to the Alatoni site and its customers. In addition Alatoni will enable us to better serve the foodservice sector.”
The chilled olives and antipasti category is expanding, with 10.8% volume growth in the last 52 weeks. It is being bought by 613,000 more UK households than in the prior year.
