South African manufacturer Pioneer Foods has officially “snatched up” Stream Foods – a popular UK snack company that produces popular treats such as “Fruit Bowls”. This deal is set to sell for €7.5 million – expected to take place immediately.
Pioneer Foods recently released a glimpse into their business strategy, which is to “acquire… Pioneer Food’s product range in the UK with branded options“, according to their firm. In a statement to the Johannesburg Stock Exchange, a spokesperson for Pioneer Foods stated “The acquisition will augment and leverage the company’s UK portfolio and its recently-upgraded manufacturing capabilites”. Needless to say, this business deal was a “home run” for Pioneer Foods – “it’s outa heeeere!”
Stream Foods marketing manager states that business will go on as usual after the deal and that investment in the healthy snack category will continue to be a priority. As of right now, Pioneer Foods is not planning to downsize the current Stream Foods staff of 98 people – quite the opposite, in fact! Pioneer’s CEO stated that “While research and product development are key to our future plans, so too are staff and manufacturing needs…the plan will be to invest in training, development, and manufacturing capabilities – all set to position Fruit Bowl as the UK’s leader in the fruit snacking industry.” It sounds like Pioneer may be open for recruitment – they may just need a few more hands on deck!
Pioneer Foods is currently the second largest producer of staple foods (bread, rice, cereals, etc) in South Africa. If I had to guess, I would say that this new business deal just might take them to the top of their industry!