According to SPG, the acquisition will significantly strengthen its European capabilities in the food processing and equipment sectors, while broadening its product offering in the Americas and opening opportunities across the Asia Pacific region.
Peterborough-headquartered Baker Perkins’ business model mirrors SPG’s and serves a diverse and growing mix of customers around the globe.
In a statement, SPG said it will build upon that knowledge, experience and customer relationships team to support future growth, whilst remaining fully committed to its existing facilities in Peterborough, UK, and Grand Rapids, Michigan.
Complement and extend existing product offering
“This is a long-established business with a reputation for excellent products and customer service, with a similar business model to our own. It will complement and extend our existing product offering to the food end-market, which is a key strategic focus, providing good opportunities for future growth, operating efficiency and further value creation for all stakeholders,” said Keith Cochrane, CEO of SPG.
Dan Bassett, MD of Baker Perkins UK, added, “We have been looking for a long-term partner prepared to invest in the company and continue its development for many years to come.
“We can relate to the SPG culture that encourages local autonomy and entrepreneurship, which fits well with our independent mind-set. Already we can see significant opportunities for growth, and I am excited at the prospect of working together.”
Upon completion, Baker Perkins will continue to be run by the existing managing directors as part of the SPG regional business structure.
The transaction is expected to close in Q4 2020.