February 21th 2020 / Munich

EMERAMs portfolio company Frostkrone Food Group expands into the UK, acquiring Innovate Foods

Munich, 24 February 2020 – Frostkrone Food Group, a portfolio company of private equity firm EMERAM Capital Partners ("EMERAM") and one of Europe’s leading manufacturers of frozen convenience food, has acquired the Scottish company Innovate Foods Ltd. ("Innovate Foods"), which specializes in the production of frozen finger food and snacks.

Following the acquisitions of the French snack and finger food manufacturers Piz'wich and Varenne Gastronomie in 2018 and Rite Stuff Foods last year, Frostkrone Food Group is once again expanding its product range and strengthening its leading market position in Europe.

Innovate Foods produces frozen finger food and snacks for the wholesale trade, for retailers and for the food service sector in state-of-the-art facilities. The Scotland-based company is managed by its founder Tony Dumbreck and is one of the UK's leading finger food producers.

Frédéric Dervieux, CEO of Frostkrone Group, said: “The acquisition of Innovate Foods not only expands our product offering with a diverse product range, but also provides us with a production facility in the UK. We have been nurturing close customer relations with this country for many years. And in light of the economic changes that Brexit will bring about, this acquisition will give our local customers and us the necessary security and the flexibility.”

Dr. Christian Näther, managing director of EMERAM, added: "With the acquisition of Innovate Foods, Frostkrone Food Group establishes itself as a market leader in the UK, an important end market for finger food and snacks with high organic and cross-selling growth potential. We are convinced that with its successful history and UK roots, Innovate Foods will be a strong platform for Frostkrone Food Group to secure long-term access to strategically important UK operators and wholesale customer channels realizing additional capacity in the UK.”

Since the beginning of 2017, Frostkrone Food Group has been a portfolio company of EMERAM, an independent private equity firm for medium-sized companies in German-speaking countries. EMERAM is a long-term business development partner and supports the company with the consistent implementation of its growth strategy and international expansion.

The parties have agreed not to disclose any financial details of the transaction.

About EMERAM Capital Partners

EMERAM is an independent private equity firm for mid-cap companies in the German-speaking area. Funds advised by EMERAM provide capital to drive the development of companies, drawing upon a fund volume of EUR 400m. Its team of experienced investment professionals currently oversees seven portfolio companies: Boards & More, Matrix42, diva-e Digital Value Excellence, Dradura, frostkrone Tiefkühlkost, Meona Group and ]init[ AG for digital communications. EMERAM is a long-term business development partner for strong companies in selected industries. The EMERAM team combines in-depth market knowledge with operational experience in these sectors. Together, the team has successfully completed over 35 transactions and supported the development of portfolio companies by serving on over 50 advisory and supervisory boards. EMERAM was founded as an independent partnership in Munich in 2012.

For further information please visit www.emeram.com

About Frostkrone Food Group

In addition to frostkrone Tiefkühlkost GmbH and Bornholter Käsevertriebs- und Produktions GmbH, Frostkrone Food Group comprises the two French companies of Piz’wich Europe SAS and Varenne Gastronomie SAS and the U.S.-American company Rite Stuff Foods Inc. Headquartered in Rietberg, Germany, Frostkrone Food Group is specialized in the production and distribution of frozen finger food & snack products. It distributes its products online, in food retail, and in the food service sector. Frostkrone Food Group owns several modern production facilities in Germany, France and the U.S. Since its foundation in 1997, the company has established itself as an innovator in the convenience frozen food sector. Since 2017, frostkrone has been a portfolio company of EMERAM, which has since supported the company in the consistent implementation of its growth strategy and international expansion.

About Innovate Foods, Inc.

Over 30 years, Innovate Foods Ltd has been developing and producing variations of deep-frozen finger food for the wholesale trade, for retailers and for the food service sector. The company, which is located in the Scottish town of Kirkcaldy, boasts cutting-edge production facilities. These work with two production lines. The bottom line is that Innovate Foods is thus able to turn out bespoke ideas for customers swiftly and flexibly. Innovate Foods Ltd is one of the leading producers of finger food in Great Britain. The company is certified AA* rating in accordance with the BRC Global Food Standard.

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