Cranswick acquires Bowes
Cranswick has announced it is to buy the pork processing operation of Bowes of Norfolk in a deal reported to be worth £17.2m.
The pig rearing operation of Bowes, following completion of the processing deal, will be sold back to a management buy-out team, made up of members of the Bowes family and current Bowes’ management team, it was reported.
The deal is expected to completed in 10 weeks.
Cranswick said the net assets of Bowes on completion of the deal, excluding the arable farming business which will be retained by the Bowes family, and after the disposal of the pig-rearing activities, was expected to be £9.6m, including cash balances of £6m.
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