British pork supplier Cranswick Plc is to buy the pork processing business of Bowes of Norfolk Ltd from the Bowes family.
Cranswick, which supplies fresh pork and gourmet sausages to UK food retail and manufacturing sectors, said it would acquire the whole of the Bowes business, including its pig rearing business, for 17.2 million pounds ($25.52 million) in cash.
Upon completion of the deal, the pig rearing business will be sold back to a management buy-out team comprising certain members of the Bowes family and certain members of Bowes’ management.
The transaction, expected to be completed in 10 weeks, would be funded from existing bank facilities and was subject to clearance from the UK Competition authorities, Cranswick said.
• Bowes of Norfolk©