UK-based food producer Cranswick has acquired all the issued share capital of Katsouris Brothers, a leading processor and multi-channel supplier of continental and Mediterranean food products.

As per the terms of the deal, Cranswick paid a net cash consideration of £43.5m ($53.5m) through its existing debt facilities.

Further deferred contingent consideration of up to £7m ($8.6m) in cash may be payable depending on the future performance of the business in the 14 months to 30 September 2020.

Cranswick CEO Adam Couch said: “This acquisition strengthens our existing continental products business and broadens our offering in a number of fast-growing, plant-based non-meat product categories.

“The family behind Katsouris Brothers has created long-lasting and sustained relationships with suppliers and the business has a strong customer base. We look forward to building on this and continuing to invest in the facilities and the team, over the years ahead.”

Katsouris Brothers operates two facilities in Wembley, North London. Costas and Louis Constantinou, the company’s managing director and commercial director, will remain with the business.

In addition to the acquisition, Cranswick released its first-quarter trading statement for the three months to 30 June.

The company’s revenue in the three months was 1.5% ahead of strong comparatives in the same period last year.

Couch said: “We have made a positive start to the year and our capital investment programme, which is building a platform for future growth, remains firmly on track.

“We continue to make pleasing progress on the new Eye poultry facility and our new continental products facility in Bury is now performing strongly and in line with the original business case.”

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