The Royal Bank of Scotland provided UK-based food manufacturer Bokomo Foods with an asset-based lending facility to support the company’s acquisition of fellow UK-based food manufacturer Streamfoods.
Bokomo Foods, which is part of South African food and drinks manufacturer Pioneer Foods, has sites in both Peterborough, UK and Wellingborough, UK. The company produces more than 12 million bowls of cereal per week for major supermarket key chains. Wisbech, UK-based Streamfoods, acquired from the Wellness Group, produces fruit snacks marketed towards children under the brand Fruit Bowl.
“Bokomo Foods (UK) Limited is an impressive, growing business and the acquisition of Streamfoods is a perfect fit,” RBS Asset Based Lending Business Development Manager Mark Tunley said. “The addition of the Fruit Bowls brand complements their existing product range and forms part of their growth strategy to expand the business through organic and acquisition opportunities. We are delighted that we have been able to provide this support and deliver to the timetable required by the Bokomo management team.”
John Hiles CEO at Bokomo Foods (UK) said: “The acquisition of Streamfoods significantly strengthens our product portfolio in the UK with a branded proposition, namely Fruit Bowl. It is a well-known name with mums who are keen to provide their children with healthy snacks. We are delighted to be working with the Fruit Bowl team and are well positioned to grow this area as we respond to the roaring demand from the health conscious UK and European markets.”