Premier Foods is acquiring 100% of The Spice Tailor shares. The Spice Tailor is an authentic Indian and South East Asian meal kit and accompaniment brand. On a cash and debt-free basis, the purchase price amounts to £43.8 million (US$52.5 million).
The Spice Tailor is expected to generate revenue of £17.3 million (US$20.7 million) in the 2022/2023 financial year.
The Spice Tailor is popular with consumers who like scratch cooking and value the strong authentic flavor profiles the products produce. Scratch recipes combine fresh ingredients with pre-prepped or pre-made ingredients.
The Spice Tailor is said to benefit from increased levels of marketing investment to drive product awareness and household penetration, additional new product development resources and access to Premier Foods’ commercial capabilities and strong retailer relationships.
The authenticity of The Spice Tailor collection is demonstrated in the fact that the great majority of its goods are created in India, via outsourcing to BRC recognized vendors, while operating an asset-light business strategy.
Spicing up expansion
Alex Whitehouse, CEO of Premier Foods explains that the acquisition is well aligned with the company’s growth strategy and the company sees a “clear opportunity” to build on the track record of The Spice Tailor.
Premier Foods intends on doing this “by leveraging the elements of our branded growth model.” He further explains that this acquisition represents a “highly complementary” geographical fit, and the company sees potential to expand The Spice Tailor’s distribution in all their target markets.
Adarsh and Anjum Sethia, the founders of The Spice Tailor elaborate on the acquisition and say that they are looking forward to unlocking further growth for the brand which they have nurtured since its inception.
“We see Premier with their track record of brand investment and strong commercial relationships, as the perfect fit for The Spice Tailor, driving it onto the next stage of its evolution,” they say.
Food industry kitted out
In other meal kit developments, Boskovich Fresh Food Group’s subsidiary Fresh Prep launched its retail line Fair Earth Farms. Fair Earth Farms is “the first in its category” to package organic salad kits and salad blends in plant-based, fully-compostable bags.
The line offers two salad kit flavors and four salad greens blends. The two flavor-forward salad kits speak to the health and earth-conscious consumers looking for a meal with on-trend ingredients.
Each brightly colored package lists the kit ingredients and the fully compostable promise. The triple-washed greens varieties can be found in vitamin-rich options such as Baby Spinach, Baby Arugula, Spring Mix, and Power Greens.
Chef Andrew Hunter of Wolfgang Puck, Niman Ranch, and Kikkoman R&D creatively developed these flavors and recipes for Fair Earth Farms, delivering products that are “unique with clean, fresh, and craveable ingredients.”
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