Significant step forward in companies
growth strategy
Date: 10th October 2006
Dawn Farm Foods, a leading European
cooked meat ingredient company based in Co. Kildare
Ireland, has announced the acquisition of TMI Foods in the
UK
.
Headquartered in Northampton, TMI is
a market leader in the UK for sales of microwave cooked bacon, 'pigs in blankets'
and grilled vegetables selling into the food manufacturing, foodservice and retail
sectors. In 2005 TMI had a turnover in excess of £15 million. TMI was the subject
of a management buyout in 2003 supported by Aberdeen Asset Management. TMI employs
170 people at 2 sites in the
UK
. Managing Director David Abbott will stay on with TMI as part of the deal.
Dawn Farm Foods, part of the Queally
Group of companies, was established in
1984 and is a leading manufacturer and
exporter of fully cooked meat ingredients for sale into the European food manufacturing
andfoodservice sectors. Dawn Farms
exports over 80% of its output to over 30 countries worldwide serving customers
in the manufacturing, foodservice, pizza and sandwich businesses. Dawn Farms recently
announced a EUR28million investment in
Ireland
including the building of a new Meat Science and Innovation Centre.
Making the announcement, Larry Murrin,
Managing Director of Dawn Farms said:
"the agreement to buy TMI delivers a
significant step forward in the development of Dawn Farm Foods. We have established
a leadership position in cooked meat ingredients based on our unique multi species
capability, product quality and safety, technical expertise and customer focus.
TMI's expertise in microwave cooked bacon and grilled vegetables is a perfect complement
to our well-established stable of products. I am pleased that David Abbott and his
senior management colleagues will remain with the business. We look forward to working
with them to take the business on to the next stage of growth."
Commenting on the deal, David Abbott,
Managing Director of TMI said: "Dawn Farms represents the perfect fit for TMI. It's
a good deal for the owners and a good deal for the long-term interests of the workforce.
The demand for cooked bacon and our other products continues to but be strong and
working with Dawn Farms we can see opportunities in foodservice, retail, and food
manufacturing. There are also growth prospects in export markets. The deal makes
sense both from a financial and commercial perspective."
Chairman of TMI Foods Mr
Steen
Steenholdt
has announced his retirement from the company.
Under the terms of the deal, David Abbott
and his senior directors remain with the company and TMI will continue to operate
under its own brand name in the
UK
market.
