Associated British Foods plc ("ABF"), the international food, ingredients and retail group, has today announced that it has reached agreement with UK breakfast cereal and cereal bar business, W Jordan & Son (Silo) Limited (“Jordans”), to acquire 20% of its share capital from the founding Jordan family.
Jordans is a successful and leading breakfast cereal and cereal bar business in the UK. It was founded by, and remains under the control of, the Jordan family. The Jordans brand has a strong and differentiated consumer position based on its use of natural and Conservation Grade® ingredients. Its products range from breakfast cereals to cereal bars, muesli and oat porridge. The company has three manufacturing sites and has its head office in Biggleswade, Bedfordshire. It had sales of £81m for the year ended February 2007 and gross assets of £40m at 28 February 2007.
ABF already has extensive interests and expertise in cereal-based branded foods both in the UK and internationally. It will be a strong partner to ensure the further development of the Jordans business.
George Weston, Chief Executive of Associated British Foods, said
"This investment is an exciting development for our UK branded grocery business. Jordans is a wonderful brand which is positioned well to benefit from the consumer's growing desire for natural ingredients and healthy eating. I look forward to the development of the brand’s full potential."
For further enquiries please contact
Associated British Foods
John Bason, Finance Director
Tel: 020 7399 6500
Citigate Dewe Rogerson
Jonathan Clare, Chris Barrie, Hannah Seward
Tel: 020 7638 9571
Notes to Editors
- Associated British Foods is a diversified international food, ingredients and retail group with global sales of £6 billion and 75,000 employees. It is listed on the London Stock Exchange with a market capitalisation of £6.3 billion. It operates in 46 countries with significant businesses outside Europe in Southern Africa, the US, China and Australia. Its aim is to achieve strong, sustainable leadership positions in markets that offer potential for profitable growth. It strives to achieve this through a combination of organic growth, the acquisition of complementary businesses and achievement of high levels of operating efficiency. The group has established a track record of successful value adding acquisitions including a 51% stake in Illovo Sugar, Africa's biggest cane sugar producer with extensive agricultural and manufacturing operations in six African countries, AB Mauri (its leading international yeast and bakery ingredients business), Littlewoods stores for Primark and the grocery brands Mazola, Ovaltine and Patak’s.
- The Jordans breakfast cereal business was started by Bill and David Jordan in 1971 and its philosophy is to provide consumers with healthy, natural foods. It has a deep commitment to high quality natural ingredients, specifically Conservation Grade® raw materials, underpinned by a strict policy of using ingredients with no artificial colourings, flavourings or preservatives. Under the Jordans brand name, the business has been very successful and now has a leading position in breakfast cereals and cereal bars in the UK and exports its products to over 17 countries around the world. The product range spans the crunch, crisp, muesli and hot eating segments of the market. The business is based in Biggleswade, Bedfordshire where it has 350 employees.