Hibernia Foods Completes Entenmann's/Mr. Brain's And Freshbake Peterlee Acquisitions

Hibernia Foods plc has completed the acquisitions of the Entenmann's/Mr. Brain's business from Bestfoods (UK) Limited and the Freshbake Peterlee business from Freshbake Foods Limited.

The enlarged Hibernia Group will have annualized revenues of approximately US$130,000,000 derived from the manufacture and sale of frozen desserts, frozen ready-meals and, as a result of these latest acquisitions, fresh-baked cakes under the "Entenmann's" brand name and frozen doughnuts for supply to in-store bakeries.

The company also plans to develop its Tipperary processing plant into a ready-meals facility, develop an export market for its products, introduce a NAPOLINA branded Italian style frozen ready-meal range under license from Bestfoods, and expand into the food service market.

Hibernia has already engaged in a number of export transactions to Denmark, Finland, Spain and Australia. On this point, Oliver Murphy, chairman and CEO of Hibernia Foods plc, said "the Entenmann's brand has been established in the United States for 100 years and generates approximately $1.6 billion in revenues. We have secured the exclusive European license rights to Entenmann's and we believe that there are significant opportunities to develop a market for these products in mainland Europe and replicate the success the brand introduction has already achieved in the UK".

Hibernia Foods plc is a leading manufacturer of frozen desserts, ready-made meals and savory products, headquartered in Dublin, Ireland with significant manufacturing facilities in the North East and South West of England. It is also the exclusive European license holder for the Entenmann's range of sweet-baked cakes.