Solina Group completes acquisition of Bowman Ingredients
Solina, a European producer of savoury ingredients solutions for the food industry, announces the completion of the acquisition of Bowman Ingredients from the Bowman Family shareholders.
Bowman Ingredients is a supplier of coating systems to food service and retail food processors, with products including breadcrumbs, batters and marinades.
Since 1990, Bowman Ingredients’ focus on innovation and investment has enabled the company to establish four sites in the UK including a dedicated gluten-free and allergen-controlled manufacturing plant opened in 2016. In addition, as part of a wider expansion into mainland Europe, a manufacturing facility was opened in Wroclaw, Poland, this year.
Bowman Ingredients generates revenues of £60m with 220 employees across the UK and Poland and is a partner in two successful joint ventures in South Africa and Thailand.
For Solina, this acquisition represents a further step in its expansion strategy following the respective acquisitions of Canadian foodservice leader Berthelet in January 2020, and the German industry leader Hagesüd, in May 2020.
Grant Thornton UK LLP’s Corporate Finance team led the full deal process, whilst Birketts advised on the legal aspects.
Rory Bowman, founder, shareholder and CEO commented: “We are delighted to become a part of the Solina Group who clearly share the same values, passion and innovative spirit as Bowman Ingredients. 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.”
Food and Beverage Sector Specialist, Trefor Griffith, who leads Grant Thornton’s Corporate Finance team in the South of England, said: “Using a blend of sector knowledge and technical expertise, we’ve secured a great outcome for the Shareholders and the Company. I look forward to seeing the next phase of Bowman’s journey under Solina.”
The parties have agreed not to disclose the transaction value.