Premier Foods (PF) is acquiring the South East Asian meals kits business, The Spice Tailor, (TST), from its founders Anjum Anand and Adarsh Sethia for £43.8 million subject to clearance by competition authorities. An additional consideration may be paid subject to future performance and earn-out over three years.
PF which owns the Sharwood’s and Lloyd Grossman brands proposes to integrate TST into its cooking sauces and accompaniments category where, it says, it will benefit from increased levels of marketing investment. TST products sell primarily through major supermarkets and its targeting sales of £17.3 million in this current year, it also sells direct to consumers online.
Adarsh and Anjum Sethia said: “We see Premier with their track record of brand investment and strong commercial relationships, as the perfect fit for The Spice Tailor, driving it onto the next stage of its evolution.”