GEA Acquires Convenience Food Systems (CFS)
CFS, which is headquartered in Bakel, NL, and has some 2000 employees expects a turnover of about EUR 400 M in this financial year. The transaction remains subject to approval.
12/20/2010 --- GEA Group Aktiengesellschaft expands the share of food process technology in its portfolio. Acquiring the company Convenience Food Systems (CFS) from funds managed by AEA Investors LP, GEA has added to its group one of the most multi-faceted suppliers of secondary food processing and packaging machinery (meat, fish, cheese). The company, which is headquartered in Bakel, NL, and has some 2000 employees expects a turnover of about EUR 400 M in this financial year. The transaction remains subject to approval by the antitrust authorities and is expected to be consummated during the first half of 2011.
“This acquisition follows our declared strategy to expand the food process technology activities of GEA Group horizontally. We are taking our portfolio another big step forward towards the less cyclical food industry. In doing so, we can leverage the brand value of GEA by offering our customers ever more solutions along their entire process chain from one single source.” declared Jürg Oleas, CEO of GEA Group.
“In the medium term, GEA sees potential to considerably boost profits at CFS in cooperation with the existing management and to realise synergies with existing GEA businesses.“ remarks Niels Graugaard, member of the executive board and COO of GEA.
“The market segment of animal proteins is one of the fastest growing within the entire food industry. As part of the GEA Group we will have the chance to develop new customers and find access to new markets. GEA offers ideal growth conditions for an innovative and quality focused company such as CFS.“ added Brian McCluskie, CEO of CFS.
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