Florette has acquired beetroot specialist Axgro Foods as it looks to expand its product portfolio.
Axgro Foods produces cooked, pickled and flavoured beetroot products under both the Lincolnshire Beetroot Company brand and private label.
Florette UK & Ireland said it plans to develop and invest in the business, which will continue to operate from its current Lincolnshire site.
According to the FPJ Big 50 Products 2016, beetroot sales rose 7.3 per cent in value to £54.4m in the year to 22 May 2016 [Kantar Worldpanel], with volumes up 11.2 per cent. The product has had a boost from high-profile use by sports stars as a recovery agent, as it is seen as a good source of iron, folic acid, vitamins, minerals and antioxidants.
In its latest filed accounts, Axgro posted a turnover of £13.7m for the year to 31 August 2015, a 10 per cent increase on the previous year, with pre-tax profits of £427,140.
Doug Robertson, managing director at Florette UK, said: “The acquisition is part of our long-term strategy to diversify our product portfolio and provide our customers with even more variety. Florette is no stranger to beetroot, a key component in our popular Superfood salad and we understand its multiple nutritional benefits and appeal to the health-conscious consumer.
“Axgro Foods is a grower-based farmer group that shares similar business values to Florette UK & Ireland, therefore we are confident this new acquisition will be a good addition to the Florette portfolio. We would like to welcome Axgro Foods to the Florette family and look forward to continued growth together."