ABP achieves full ownership of Linden Foods as Synergy Flavors acquires Innova Flavors to expand meat alternatives offering
IRELAND – ABP, Europe’s leading privately owned food processors, has reached an agreement in principle with Fane Valley Co-op to acquire the remaining 50% holding in Linden Food Group.
According to a report by FoodBev, the transaction includes Linden Foods in Northern Ireland and Slaney Foods and Irish Country Meats (ICM) businesses in the Republic of Ireland which have been operated as ABP/Fane Valley joint venture for the last five years.
ABP, Linden, Slaney and ICM will however, continue to operate under the same trading names for the ‘foreseeable’ future, according to a statement from the company.
“The Linden, Slaney and ICM businesses have progressed positively during our joint venture relationship with ABP,” said Trevor Lockhart, chief executive of Fane Valley.
“The trading environment however does not stand still, and all businesses need to continue to evolve and develop to maintain their competitive position in the market.”
The transaction is subject to the approval of regulatory and competition authorities. The financial terms of the deal have not been disclosed.
Synergy Flavors grows meat alternatives offering
Meanwhile in the US, Carbery’s Synergy Flavors has expanded its meat alternative offerings with the acquisition of US-based savoury flavour and ingredient supplier, Innova Flavors.
Based in Illinois, Innova Flavors specialises in creating customised meat and savoury flavours for a variety of applications.
The purchase expands the savory capabilities of Synergy Flavors in alignment with the NPD happening in meat alternatives, sauces, side dishes and snacks.
It also adds process flavors to Synergy’s portfolio of extracts, essences, and compounded flavors of every form and designation, helping their customers to differentiate their products in F&B markets.
Synergy has also been innovating recently in the beverages bakery arenas. In March, the company collaborated with PureCircle in an “industry-first” to create a range of zero-sugar tonics sweetened with PureCircle Reb M stevia extract.
The company also released an ingredient tipped as making significant fat and calorie reductions in baked goods, such as muffins, cookies and biscuits.
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