Premier Foods has acquired FUEL10K, a breakfast brand with a portfolio of granola, oats and drinks products, in a £34m deal, as the group expands its presence in the breakfast meal occasion.
Alex Whitehouse, Chief Executive Officer, Premier Foods, said: “The acquisition of FUEL10K follows on from our successful integration of The Spice Tailor, where we have increased revenue and profit through the application of our branded growth model.
“FUEL10K provides us with an ideal platform to accelerate our expansion into the Breakfast category, building on our recent successful launch of Ambrosia porridge pots.
“Possessing a differentiated category position, with its protein enriched product range and appealing to a younger demographic, we expect to deliver significant further profitable growth of FUEL10K through the deployment of our successful branded growth model.”
Barney Mauleverer, co-founder, FUEL10K, said: “We are very excited to be passing the reins on to the owner of such a great stable of UK brands. Having built the foundations from start-up, the FUEL10K brand is now primed to accelerate into the future and achieve even more great things.
“I could not think of a better custodian of our brand than Premier Foods to entrust what we have begun and make the most of such a great opportunity.”