Sunday, April 14, 2024

Pilgrim’s acquiring UK’s Kerry Consumer Foods meals business

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GREELEY, Colo. — Pilgrim’s Pride Corp. has announced that it has executed an acquisition agreement to acquire the Meats and Meals business of Kerry Consumer Foods in the United Kingdom and Ireland. Following the acquisition, Pilgrim’s will be a leading food company, with a significant value-added protein and integrated prepared foods business anchored by a portfolio of strong brands, the company notes.

The acquisition, which was unanimously approved by Pilgrim’s Board of Directors, values the acquired businesses at a £680 million (or approximately $952 million) enterprise value. The purchase amount represents an 8.5x multiple on implied. . .

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