Glynwed buy adds to food business

Birmingham-based Glynwed last week made its biggest acquisition for almost three years, buying one of the UK’s largest industrial refrigeration companies for £44.3m. In a move that will boost its food service operations, Glynwed is taking over Kings Lynn-based Williams Refrigeration. Williams makes commercial refrigerators, freezers, cold rooms and display equipment. Its customers include restaurants, […]

Birmingham-based Glynwed last week made its biggest acquisition for almost three years, buying one of the UK’s largest industrial refrigeration companies for £44.3m.

In a move that will boost its food service operations, Glynwed is taking over Kings Lynn-based Williams Refrigeration.

Williams makes commercial refrigerators, freezers, cold rooms and display equipment. Its customers include restaurants, food retailers, brewers and hotels. The company has 365 staff worldwide.

Glynwed’s existing foodservice operation includes Falcon, which makes cooking equipment.

Chief executive Tony Wilson said: ‘This acquisition provides an important increase in product coverage and penetration in the domestic market, and also provides a valuable international platform.’

He said Glynwed, which had a turnover of £1.2bn last year, was repositioning to focus on long-term growth markets.

The deal, for £44.3m in cash and loan notes, is its biggest acquisition since it bought pipes business Victaulic in 1995 for £147.3m.

In its last full year, Williams made a pre-tax profit of £3.7m on turnover of £24.8m, almost a third from overseas markets.

The company has distribution facilities in the US, France, Australia and Hong Kong, and a joint venture in China. Its product range is sold in a further 37 countries.