British baking firm Warburtons has acquired garlic bread producer Giles Foods in a deal estimated to be valued at more than £10m, as a part of its effort to widen its product range outside the traditional bread market.
Giles Foods, based in Milton Keynes, UK, was established in 1977. It offers garlic bread, dough balls, Danish pastries and a variety of breads under Artisan Bakers brand. It caters to supermarkets, restaurants and pubs.
The company has a workforce of 300 at two manufacturing facilities, and has annual revenues of £25m. Its largest customer is supermarket group Wm Morrison.
David and Shirley Rixon hold a majority stake in Giles Foods. With the acquisition, David Rixon will continue to head the business as a separate unit, while the management will remain in place.
Warburtons chairman and chief executive Jonathan Warburton said that Giles Foods would offer the company a short cut to innovation and establish Warburton as a 'bakery brand rather than a bread'.
This deal is natural progress for a successful, well-invested business, Warburton added.
