Irish firm Hibernia boosts frozen desserts business - Company News - Hibernia Foods acquires Philpot - Brief Article

Eurofood, May 9, 2002

Ireland's Hibernia Foods, a leading European manufacturer of branded cakes, ready-meals and frozen desserts has announced the acquisition of the frozen dessert business of Philpot, a UK-based frozen desserts manufacturer.

Financial details of the deal were not disclosed, other than no consideration is payable until the first anniversary of the transaction.

The deal is a smug fit with Hibernia's existing business operations, and as a result of the latest addition to its portfolio, the Irish concern expects its share in the roulade and continental frozen desserts sub-sectors to increase to 73% and 17% respectively. The new business acquired from Philpot also boosts Hibernia Foods' share of supply to UK number two food retailer Sainsbury's, from 7% to 11%.

Commenting on the deal, chief executive officer at Hibernia Foods, Oliver Murphy said, "The acquisition further solidifies Hibernia's role as a consolidator in the frozen desserts industry in the UK, having already achieved a market share of approximately 40%."