LONDON, UK: Premier Foods has acquired FUEL10K, a vibrant Breakfast brand, with a portfolio of granola, oats and drinks products, as the Group significantly expands its presence in the breakfast meal occasion.

FUEL10K is a differentiated, protein enriched Breakfast brand. The acquisition substantially increases Group’s position in the breakfast category, building on success of Ambrosia porridge pots.

The Group expects to unlock significant future value through leveraging its proven branded growth model

Alex Whitehouse, Chief Executive Officer, said, “The acquisition of FUEL10K follows on from our successful integration of The Spice Tailor, where we have increased revenue and profit through the application of our branded growth model. FUEL10K provides us with an ideal platform to accelerate our expansion into the Breakfast category, building on our recent successful launch of Ambrosia porridge pots. Possessing a differentiated category position, with its protein enriched product range and appealing to a younger demographic, we expect to deliver significant further profitable growth of FUEL10K through the deployment of our successful branded growth model.”

Barney Mauleverer, co-founder, FUEL10K, said, “We are very excited to be passing the reigns on to the owner of such a great stable of UK brands. Having built the foundations from start-up, the FUEL10K brand is now primed to accelerate into the future and achieve even more great things. I could not think of a better custodian of our brand than Premier Foods to entrust what we have begun and make the most of such a great opportunity.”

Premier Foods has acquired 100% of FUEL10K, for an Enterprise Value of £34.0m, equivalent to an EV/sales multiple of c.1.6x on revenues2 of c.£21m. Initial consideration of £29.6m is funded through available cash reserves. A minimum further deferred consideration of £4.0m will be payable in FY26/27, with any increment to this dependent upon certain growth targets.

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