Mr Kipling and Oxo owner Premier Foods has acquired breakfast brand Fuel10K in a £34m deal.
The move comes as the group looks to significantly expand its presence in the breakfast meal occasion, with Fuel10K’s portfolio including granola, oats and drinks products.
An initial consideration of £29.6m will be funded through available cash reserves, with a minimum of a further £4m payable in the 2026/27 financial year.
Premier Foods said the brand has a strong track record of double-digit revenue growth over the last three years, and its on-trend proposition will help to attract a predominantly young consumer demographic.
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Premier Foods CEO, Alex Whitehouse, said: “The acquisition of Fuel10K follows on from our successful integration of The Spice Tailor, where we have increased revenue and profit through the application of our branded growth model.”
In July 2022, Premier Foods bought the South East Asian meal kits and accompaniments brand for £43.8 million as it looked to add a “high growth premium brand” to its portfolio.
Whitehouse added: “Fuel10K provides us with an ideal platform to accelerate our expansion into the breakfast category, building on our recent successful launch of Ambrosia porridge pots.
“Possessing a differentiated category position, with its protein enriched product range and appealing to a younger demographic, we expect to deliver significant further profitable growth of Fuel10K through the deployment of our successful branded growth model.”
