West Indies firm buys WT
Quoted West Indies conglomerate GraceKennedy Limited has paid £23m to acquire Welwyn-based ethnic and speciality foods supplier, WT Foods from Bridgepoint Capital Ltd, a European private equity firm.WT Foods comprises three main businesses: Enco, a leading supplier of Afro-Caribbean foods and drinks with principal brands being the Nurishment, Encona and Dunn’s River brands, Chadha, a specialist supplier of Oriental products to the grocery trade, and Funnybones, an American, Mexican, Cajun, Indian and Oriental food specialist for the food service market.
It operates from a modern distribution facility of 119,000 sq ft providing ambient, chilled and frozen space, and 20,000 sq ft of office accommodation located in Welwyn Garden City.
The annualized sales of the WT Foods group is currently approximately £60 million per annum.
The total market for ethnic foods in the UK is estimated at almost £2 billion.
GraceKennedy Ltd is one of the Caribbean’s largest and most dynamic corporate entities, listed on the stock exchanges of Jamaica, Trinidad & Tobago, Barbados and the Eastern Caribbean. It has interests in the food trading, retail and distribution, banking, insurance and money services sectors and boasted 2006 revenues of more than £273 million.