Indian snack food producer Cofresh has been acquired by Vibrant foods in an undisclosed multi-million-pound agreement. Ethnic food group Vibrant Foods was recently launched in 2020 by the private equity- firm Exponent.
Already, the brand comprises of South Asian food suppliers East End Foods and TRS Foods that had joint revenue of £119 million in 2019, while acquiring Leicester-Headquartered Cofresh will boost Vibrant Foods’ business in the United Kingdom and across continental Europe.
Cofresh produces variety of South Asian flavored food products and with the introduction of Eat Real brand, it has expanded the product-range in terms of healthier food such as humus, lentils and quinoa chips.
Established in 1974, Cofresh is a second-generation family business, headed by the managing director Priyesh Patel, and has taken a minor equity stake in the new parent company.
While talking to the media, Patel said the deal will be an exciting new chapter in the history of the company as it becomes a part of Vibrant foods group, with new opportunities for the industry growth. He further added that the popularity for both ethnic and healthy snacks has grown tremendously.
Reportedly, with the pre-tax profit increased by £2 million to nearly £5.7 million, in the last calendar year Cofresh’s turnover was £44 million as compared to £34.5 million the year before.
In the meanwhile, with this major acquisition, Vibrant foods is looking at a huge opportunity for becoming the leading South Asian ethnic food producer and distributor in the UK and across the Europe.
The chairman of Vibrant Foods Rohit Samani, while expressing his pleasure over this acquisition, has said in a brief statement that Cofresh’s wide range of authentic and high-quality products complements their existing products, that will cement their position as one of the leading producers of South Asia foods in Europe.