April 11, 2017
A wholly owned subsidiary of Thailand's Charoen Pokphand Foods PCL (CPF) has inked a share purchase deal with Westbridge Food Group Limited (WFGL) valued at around £60 million (US$74.53 million).
Mr. Adirek Sripratak, chairman of the executive committee of CPF, said the investment of CPF Investment Ltd in Westbridge would allow CPF to expand its distribution network for retails, food services and food manufacturers in the UK and the EU countries which have a high potentiality.
WFGL is a UK-based company engaged in sales of meat and ready-made products to customers (including those in retail, food service and food manufacturing) in the UK and countries in the European Union. The company also engages in the development, sourcing and supply of products across many food groups on a worldwide basis.
WFGL has invested in 117 companies in the UK and 16 companies in the Netherlands that have Import "Quota License" for the import of poultry meats and other poultry products to the EU. In addition, WFGL has a repacking factory in England for product packaging to serve customers' demands.
In 2015, WFGL, whose products consist of chicken, shrimp, fish and processed foods, recorded a total revenue of 14.73 billion Thai baht ($425.36 million) with THB173 million ($5 million) net profit.
CP Foods also acquired last year a majority stake in UK food-service supplier The FoodFellas, which also deals in seafood as part of its mix. The deal was worth £12.3 million ($15.265 million).