Tulip buys Parkam Foods, expands in UK
RANDERS, Denmark – Tulip Ltd. has acquired Parkam Foods, the UK-based manufacturer of premium products for the UK retail and foodservice sectors. As a result, Tulip said it has strengthened its position in the market by adding new products, while further increasing its sales to the biggest UK retail chains.
“In addition to cooked meats, sandwiches and sausages, Parkam Foods also produces a number of high-quality products based on beef, turkey and chicken,” said Steve Murrells, CEO of Tulip Ltd. “This will add a new and valuable dimension to Tulip’s business. The great challenge will be exploiting the synergies arising from the acquisition of Parkam to boost the value of the company’s products.”
Parkam Foods consists of four companies: Parkam Foods, Tranfoods, Trophy Foods and Freshway. Combined, the companies employ 750 people, with expected revenue for the current fiscal year of approximately US$156-$180 million.
Parkam Foods is a major competitor within the premium segment, and Murrells said this is what makes the company a perfect match for Tulip.
“Tulip is already a strong supplier of high-quality products, but perhaps not necessarily with a sufficiently strong presence in the premium segment,” he added. “This gap will now be filled by the acquisition of Parkam Foods.”