Raisio / FI. (rg) Finnish Raisio Group has teamed up with the management of Glisten PLC to takeover the British company in a 19,8 million GBP deal. Glisten is listed on the AIM market and operates in the health, nutrition and premium snacking sectors. The move is expected to boost Raisio, probably best known from it Benecol brand, in its plans for international expansion.

A new company has been formed specifically for the acquisition, after which it will be jointly owned by Raisio and the Glisten management team (Paul Simmonds and Robert Davies), holding an 85 percent and 15 percent stake respectively. The offer is for 1,40 GBP per share in cash and an independent committee of the Glisten board has recommend that Glisten shareholders vote in favour of the scheme.

Matti Rihko, CEO of Raisio, which has businesses in branded food products and functional food ingredients, as well as feed and malt, said: «This offer to Glisten´s shareholders represents a first and important step forward for the Raisio group in its international expansion. The price offered reflects Raisio´s strong confidence, both in the management and in the business potential the merger of the two companies will create».

Paul Simmonds, chief executive officer of Glisten: «Glisten has had a good journey on AIM since we founded and listed the business in June 2002 with turnover of 14,3 million GBP, but we believe this coming together with Raisio is exactly the right path for the business to take now. The fit in terms of ambitions, skills and capabilities is excellent and both parties will bring something to the other, not least in access to market, branding, and product development. We look forward to working within the Raisio team to develop Glisten´s position as one of the best snacking businesses in Europe».

The acquisition values the existing issued ordinary share capital of Glisten, which manufactures cereal, fruit snack bars and health bars, at about 19,8 million GBP. Completion is expected at the beginning of the second quarter of 2010 if the shareholders of Glisten support Raisio´s offer.

About: Raisio Group is a forerunner in the food and feed industries and a specialist in plant-based foods. Raw materials based on cultivated products offer Raisio good opportunities to develop as a company with ecologically and ethically sustainable operations. Raisio´s main products are foods and functional food ingredients, as well as feeds and malts. The company plays an important role in securing and developing a safe and traceable food chain from the field to the table. Raisio has some 650 employees in nine countries. The company has production in seven locations in three countries. The business is based on meeting customers´ and consumers´ needs with natural, safe and healthy products. Innovative research and development, modern production facilities, high-quality and traceable raw materials and efficient production processes ensure profitable continuity of operations.

About: Glisten PLC is engaged in the manufacture and sale of confectionery, ingredients and snacking products to a range of outlets in the United Kingdom and abroad. The Company operates in three divisions: Confectionery, Fruit and Cereal Snacks, and Savoury Snacking. The confectionery division comprises of activities at three sites, which are Blackburn, Skegness, trading as Glisten Confectionery (GC), and Dolgellau, trading as Nimbus Foods (Nimbus). Fruit and cereal snacks division comprises of activities at Tywyn and Newport in Wales, trading as Halo Foods (Halo), and also Liphook, Hampshire, trading as Lyme Regis Foods (LRF). Savoury snacking division also operates on three sites at Swindon, Wiltshire, trading as Dormen Foods, Park Royal London, trading as Snacks Unlimited, and Boston, Lincolnshire, trading as Lindum Foods. On September 07, 2007, the Company acquired Dormen Foods Limited. On November 05, 2007, it acquired Glisten Snacks Limited, formerly Big Thoughts Holdings Limited.