Lincolnshire duck producer Cherry Valley has been bought out by Thai duck specialist Bangkok Ranch Group for an undisclosed fee.
The 50-year-old company, which employs 600 people and is based at Grimsby, will continue to operate as an autonomous operation, said managing director Richard Bird.
Mr Bird, who will now delay his planned retirement for a further two years to see through the company’s ambitious growth plans, said: “We are looking to expand the business here, and overseas in China, and we need considerable financial support to enable us to make these investments. With the backing of the Bangkok Ranch Group we can access the capital we need.
Bangkok Ranch Group (BRG) has acquired 100% of the share capital, and is a global group of companies that specializes in Pekin duck meat products. It has operations in both Thailand and The Netherlands, and claims to be one of the world’s leading suppliers of premium quality duck meat products. Cherry Valley will become a third operating company.
Cherry Valley has recently made a return to the mainstream retail market, which is where expansion plans are now focused, having already sewn up a claimed 85% of the UK’s Chinese market.
“One of our key strategies is to delve down into retail, and these people are prepared to invest,” said Mr Bird. “This is very positive for the business, and for the people who work within the business. We will run as an autonomous business within the group, and the synergies will come through operations in Thailand which we can benefit from.”
Bangkok Ranch (Thailand) was established in 1984 and produces fresh and frozen products for the domestic market and cooked duck meat frozen products for export. Tomassen Duck-To ( Netherlands) was founded in 1963. The company produces frozen whole duck and frozen parts for the European market.