Food firm with 167-year history snaps up premium ingredients brand
Hull-based William Jackson Food Group, which this year sold its Aunt Bessie’s product range in a £210m deal, has snapped up a premium ingredients brand.
Belazu is the UK’s top-selling balsamic vinegar and premium olive oil brand. It names Waitrose, Sainsbury’s, Tesco and Ocado as customers and its international brand operates across premium food service channels with authentic Mediterranean olives, antipasti, grains, pastes and vinegars.
In accounts reported on Companies House, William Jackson had pre-tax profits of £22.7m in 2017 – a rise from £3.8m in the previous year. The company, which produces Yorkshire’s Champion Bread, and The Food Doctors products, saw turnover drop from £9.8m to £8.6m during the period.
It has since sold its Aunt Besssie’s product range in a £210m deal to Feltham-based Nomad Foods – the firm behind food giants Bird’s Eye and Findus.
William Jackson’s CEO Norman Soutar said: “The strategic sale of Aunt Bessie’s earlier in the year has enabled us to redefine the group for the next phase of its growth. The Group has been around for 167 years and has changed significantly during that time, and with each change our family shareholders have taken a long-term view to ensure a robust business remains in place for future generations.
“We’ve been looking to enter the fast-growing premium segment of the foodservice channel and believe this acquisition, in addition to our purchase of Wellocks earlier in June, has really exciting potential for the future.
“We’re a sixth generation family business with 2,000 colleagues in great businesses nationwide and we’re delighted to be welcoming Belazu to the family. It’s an incredibly innovative business, and we’ve had our eyes on it for a number of years.”
Belazu employs around 160 people at its manufacturing facility in Greenford, Middlesex.
A statement from the Belazu said: “We’re delighted to announce that Belazu has joined the William Jackson Food Group, a 167-year-old family business who are focused on the long term development of their companies and have at their heart a set of values and priorities that are identical to our own.
“In terms of the day-to-day running of the business, it’s very much business as usual and nothing is changing. Adam will continue to run the business just as he did yesterday, along with George and Charlie. The difference is that we now have a larger business behind us that brings even more knowledge and experience of the food industry and to accelerate investment in the long-term future of Belazu and everyone who works here.”
The William Jackson Food Group was established in Hull in 1851, William Jackson’s great great grandson Nicholas Oughtred is Chairman of the business today. The Group owns organic grocery delivery business Abel & Cole, Jackson’s Bakery, Wellocks, healthy snacking brand The Food Doctor and a fresh produce business called MyFresh.
KPMG provided financial and tax due diligence to William Jackson Food Group on its acquisition of Belazu. Chris Stott, Deal Advisory Partner at KPMG in Leeds, said: “The Belazu team has built an excellent business focused on highly popular Mediterranean ingredients which will be extremely complementary to the William Jackson stable. The continued trend of food and drink-related M&A activity in Yorkshire reveals underlying business confidence, but also reflects the strength and depth of the sector in the region.”
James Tattro led the Addleshaw Goddard team advising William Jackson alongside KPMG on the acquisition.
