Bakkavör Group has acquired Two Chefs on a Roll, a Californian fresh and frozen prepared foods supplier, marking the Icelandic combine’s first move into the US.
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The financial details of the deal were not disclosed. Two Chefs on a Roll had sales of US$38.6m in 2007. Two Chefs will be consolidated into Bakkavör Group from the acquisition date, the Icelandic company stated.
Bakkavör said the development of its US business is a long-term project which “will require considerable investment going forward”. To develop its US business, the company has established a new subsidiary, Bakkavör USA, and appointed John Dutton as president of the new operation.
Dutton has 25 years’ experience in the European food industry. He served as managing director of Geest for 11 years before founding his own company, Rannoch Foods, in 2002. Bakkavör acquired Exotic Farm Produce, part of Rannoch Foods, in 2007.
The US retail market for fresh prepared foods, including both deli counters and pre-packaged foods, is estimated to be worth over US$20bn, and is growing by 4.5% year-on-year, according to market researcher Packaged Facts.
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By GlobalData“As in the UK, US consumers are looking for greater convenience, higher quality and better nutrition, all at a reasonable price,” Bakkavör said. “As US consumers work hard to balance convenience demands with health concerns, interest in fresh foods is growing fast and we predict that opportunities for growth are strong.”
Founded by two chefs, Lori Daniel and Eliot Swartz, in 1985, Two Chefs on a Roll specialises in the manufacturing of custom and private-label bakery products, sauces, soups and savoury dips for the US retail and foodservice markets.
