Lotus Bakeries continues its diversification strategy with the acquisition of Peter’s Yard, a British crisps and crackers manufacturer. The company already held a minority stake and is now acquiring all its shares.
Peter’s Yard is a manufacturer of sourdough crackers, crispbread and sourdough chips based on natural ingredients. In other words: healthier snacks, suitable as toast, bread substitute or snack. In July 2019 Lotus Bakeries had already acquired a 20% stake in the British company through its venture capital fund Fast Forward 2032, which invests in promising startups in the food sector.
In the case of Peter’s Yard, the promises were kept: turnover in the UK has doubled in the last three years and now amounts to some 6 million pounds (almost 7 million euros). This makes the company ready for the next step: the brand becomes part of Lotus Natural Foods, which groups natural and healthy snack brands like Näkd, Bear, Trek and Kiddylicious.
Lotus Bakeries will pay around twice its net turnover for the acquisition.