The Icelandic food manufacturing company, Bakkavör Group, has completed its acquisition of UK food group Geest PLC. The £623.2 million acquisition makes Bakkavör UK’s largest chilled and prepared foods manufacturer with over 29% market share. The company now operates 42 factories in five countries with over 13,000 employees. According to Bakkavör organizational changes will be made within the company to maximize synergy and economies of scale as well as to utilize fully the knowledge and experience within the combined group. In addition all of the group’s operations in the UK will be combined under the Geest brand.
Bakkavor was established as a cod roe processor 18 years ago by two brothers Ágúst and Lýður Guðmundsson. Both brothers are still actively involved in managing the company’s phenomenal growth.