NEWS IN BRIEF
Solina closes another M&A deal to take ‘further step in expansion strategy’
Solina has completed the acquisition of Bowman Ingredients from the Bowman Family shareholders for an undisclosed amount.
By onboarding Bowman, Solina – which specialises in savoury ingredients for the food industry – will add coating system capabilities, used for foodservice and retail food processors, to its business. Bowman’s products include breadcrumbs, batters and marinades.
The deal also includes Bowman’s four sites in the UK, including a dedicate gluten-free and allergen-controlled manufacturing plant opened in 2016, as well as a manufacturing facility opened in Wroclaw, Poland, earlier this year.
Bowman is a partner in two successful joint ventures in South Africa and Thailand, and generates a revenue of £60m (€65m). The business currently employs 220 staff across the UK and Poland.
The news comes just four months after Solina completed the acquisition of German-based Hagesüd, which produces spice blends for the meat processing industry. At the time, Solina said the purchase would allow it to expand B2B activity in the German market, while also helping it develop its plant-based meat alternative platform, Nextera, for food manufacturing, butcher, and foodservice sectors.
Therefore, for Solina, the Bowman acquisition represents a ‘further step in its expansion strategy’. The business also acquired Canadian foodservice operation Berthelet in January 2020.
“We are delighted to become a part of the Solina Group who clearly share the same values, passion and innovative spirit as Bowman Ingredients,” said founder, shareholder, and CEO of Bowman Ingredients, Rory Bowman.
“Our management team will remain in place, and I am excited to be working with Solina to continue to lead Bowman Ingredients at such an exciting phase of our growth. We look forward to exposure to Solina’s new technologies and enhanced geographical reach.”
Solina CEO Anthony Francheterre said beyond being a ‘strong cultural fit’, Bowman Ingredients is well established in the convenience food and foodservice Quick Service Restaurants (QSRs). This, he said, represents a ‘strategic pillar’ for Solina’s future growth.
“Working in partnership, Solina and Bowman are complementary, both in terms of product portfolio and customer base.”
