Prepared Foods: Acquisition will increase por...
Prepared Foods

Acquisition will increase portfolio diversity

Kerry
Kerry sells their Meats and Meals business to Pilgrims Pride.
Kerry sells their Meats and Meals business to Pilgrims Pride.

USA, Greeley. Pilgrim’s Pride Corporation announced that it has executed an acquisition agreement to acquire the Meats and Meals business of Kerry Consumer Foods in the United Kingdom and Ireland.

Following the Acquisition, Pilgrim’s will be a leading food company, with a significant value-added protein and integrated prepared foods business anchored by a portfolio of strong brands. The Acquisition, which was unanimously approved by Pilgrim’s Board of Directors, values the acquired businesses at a £680 mill. (or approximately $952 mill.) enterprise value. The purchase amount represents an 8.5x multiple on implied expected standalone EBITDA for 2021.

„The company is already strongly positioned within the global protein market, and this complementary acquisition provides further breadth into the prepared and branded products segment “
Fabio Sandri, CEO Pilgrim’s Pride

Kerry Meats is a leading manufacturer of branded and private label meats, meat snacks and food-to-go products in the United Kingdom and Ireland. Kerry Meals is a leading ethnic chilled and frozen ready meals business in the United Kingdom. The combined businesses produced over £725 mill. in annual sales during the year ended December 31, 2020 and have more than 4,500 team members. The Kerry team also has a proven track record of innovation with the successful launch of its branded meat-free products.

The Acquisition is expected to close in the fourth quarter of 2021 and is subject to routine closing purchase price adjustments (including working capital and net debt adjustments), customary closing conditions and regulatory approvals.

Source: Pilgrim’s Pride
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