- June 19, 2021
- Posted by: Stratford Team
- Category: Business
Pilgrim’s Pride Corporation PPC looks to expand its portfolio of brands via strategic buyouts. In a latest development, the company agreed to purchase the Kerry Consumer Foods’ Meats and Meals business in the United Kingdom and Ireland. This buyout will help Pilgrim’s Pride solidify its position with an important value-added protein and integrated prepared foods business, thanks to renowned brands like Denny, Richmond and Fridge Raiders.
The last transaction, which is likely to conclude in the fourth quarter of 2021, is valued at a £680 million (or nearly $952 million on a 1.40 USD/GBP exchange rate as of Jun 16, 2021) enterprise value. Hence, this amount signifies an 8.5X multiple on expected standalone EBITDA for the year. This acquisition is subject to routine closing purchase price as well as customary conditions and regulatory approvals.
Markedly, Kerry Meats is a leading maker of branded and private label meats, meat snacks and food-to-go…
