The major dairy processing co-operative Lakeland Dairies has announced the acquisition of Taste Trends Ltd – the leading UK based maker of Coolicious branded fat-free frozen yogurts, for an undisclosed sum.
The acquisition provides an excellent strategic fit for both companies where each has unique capabilities relevant to the foodservice sector worldwide. It complements Lakeland Dairies’ extensive dairy foodservice business where the co-operative plans to expand sales of Coolicious frozen yogurt products to international markets. Both companies also specialise in working with clients to bring new foodservice concepts and solutions to market.
Based in Surrey near London and established for over 20 years, Taste Trends is the largest maker of frozen yogurts in Europe and its Coolicious products are the leading brand of frozen yogurt in the foodservice sector, selling over 17 million portions each year.
Lakeland Dairies collects freshly produced milk from local dairy farms across 15 counties north and south. The farmer owned dairy co-operative has major operations at Newtownards where it has a flagship dairy foodservice centre and where it has also just completed a new global logistics and distribution centre. It is the dairy foodservice market leader in the UK and Ireland.
Taste Trends has specialist expertise in frozen yogurt innovation with delicious recipes, market knowledge and insight. It specialises in a range of product offerings including Coolicious soft serve frozen yogurts, frozen yogurt smoothie base, scoop frozen yogurt for milk shakes and fruit mixes for smoothies. The company also includes soft serve ice-creams, sorbets and granita semi-frozen drinks among its Coolicious branded products range.
This acquisition gives Lakeland Dairies the opportunity to benefit from the continuing major growth in frozen yogurt sales across the globe. The co-operative exports to over 70 countries throughout the world and many of these countries will now be supplied with Coolicious frozen yogurt from well-established Lakeland shipping and distribution channels.
Indicatively, the UK frozen yogurt market had a 29% compound growth rate from 2011 – 2014 and this continues to grow. The total value of the frozen yogurt market in the United States now exceeds $1.5 billion.
Lakeland Dairies’ chairman, Alo Duffy said: “Taste Trends is a long established and very progressive company with an excellent business model. I look forward to its continuing growth and success as part of Lakeland Dairies.”
Lakeland Dairies Group CEO Michael Hanley said: “We’re very pleased to make this acquisition. Taste Trends is an innovative business with an excellent base of foodservice clients. This includes market segments serving consumer demand for healthy refreshments including quick service restaurants, casual dining, general restaurants and catering.
“Frozen yogurts are natural and wholesome products and they are proving immensely popular with consumers. As a product category they are also perfectly aligned with global trends of healthy eating, natural dairy products and food customisation for specific consumer markets.
“Lakeland Dairies is the Irish and UK dairy foodservice market leader. We look forward to developing this new opportunity further across our international foodservice business using our well defined routes to market. We will also continue to examine the potential for further acquisitions where this would complement our business, enhance market reach and add value for our milk producers.”
Lakeland Dairies is a leading Irish dairy processing co-operative and a global market leader in the manufacturing of dairy based products. The co-operative collects over 800 million litres of fresh milk annually from family owned farms on a cross border basis, processing this into a range of value-added dairy foodservice products and food ingredients which it exports worldwide.