Orkla Food Ingredients acquires The Waverley Bakery Limited
Posted: 1 March 2016 | | No comments yet
With the acquisition of Waverley, Orkla Food Ingredients is strengthening its market position in ice cream cones and wafers, ingredients and accessories in the UK…
Orkla Food Ingredients, the leading bakery ingredients player in the Nordic region, has purchased The Waverley Bakery Limited.
Waverley is a leading supplier of ice cream cones, wafers and accessories in the UK.
Waverley primarily sells ice cream cones and wafers to the grocery sector in the UK. The company also offers ice cream cones, ingredients and accessories to ice cream parlours and small-scale ice cream manufacturers. Orkla Food Ingredients is one of Europe’s leading suppliers of ice cream ingredients and accessories, with a presence in the Nordic region, Germany, the Netherlands and the UK. With the acquisition of Waverley, Orkla Food Ingredients is strengthening its market position in ice cream cones and wafers, ingredients and accessories in the UK. The acquisition also adds the grocery trade as a sales channel for Orkla Food Ingredients in the UK.
Acquisition in line with Orkla’s growth strategy
Commenting on the acquisition, Pål Eikeland, Orkla SVP and CEO of Orkla Food Ingredients, said: “This acquisition is in line with Orkla’s aim of growing in selected categories and markets where we see a potential for further growth and synergies. The acquisition of Waverley gives Orkla Food Ingredients a leading position in the market for ice cream ingredients and accessories in the UK.”
Waverley Bakery has been a well-known name in the Scottish ice cream industry for more than 100 years. The company is part of Lee’s Foods Group. The business is located in Glasgow, Scotland, and has around 45 employees. The company achieved a turnover of £5.9 million in 2015 and EBITDA of £0.7 million. Waverley Bakery is valued at £5.2 million on a debt-free basis.