Sauces and condiments manufacturer Panesar Foods is the subject of a takeover by Paulig, as the Finnish multinational looks to expand its presence in the world foods category.
Founded in 1992, Tipton-based Panesar produces sauces, salsas and condiments for the speciality whole foods sector in the UK and overseas. It generated revenues of £32m in the eight months to 28 February 2023, according to Companies House filings. The business said its sales had now grown to £59m.
Panesar operates from three production facilities and employs more than 300 staff, who will all transfer to the new owner.
“We have collaborated with Panesar Foods for 17 years, and we are very pleased to welcome the company to Paulig,” said CEO Rolf Ladau. “Today, our combined taste expertise and innovation skills unite around a shared ambition: to accelerate our international growth and expand our world foods offerings with sauces, salsas, condiments, marinades and dips.”
Panesar Foods CEO Bill Panesar added: “We are incredibly proud of our history and the remarkable growth we have achieved since our culinary journey began in 1992. As Panesar Foods becomes part of Paulig, I am confident that our ambitions for international growth will be realised, and the business will continue to thrive.
“We share a strong commitment to innovation and delivering high-quality, flavourful products, and I look forward to bringing even more delicious products to the market, together.”
MD Jas Panesar said: “This partnership will allow us to reach new markets and deliver our authentic world food flavours to a broader audience. We look forward to combining our passion for quality food with Paulig’s commitment to sustainability and innovation.”
Paulig is a market leader in Tex Mex in Europe and also has a presence in other world food categories. Its products are sold in 70 countries and the group reported revenues of €1.2bn in 2023.
The Helsinki-headquartered group was founded in 1876 and is 100% owned by the Paulig family. It has 2,200 employees across 13 different countries.
London-based corporate finance firm Oghma Partners acted as financial advisor to Paulig on the acquisition. The price of the takeover is undisclosed.
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