GEA acquires CFS

GEA Group is expanding its food process technology portfolio with the acquisition of Bakel, NL-based Convenience Food Systems (CFS) from funds managed by private equity firm AEA Investors LP. The purchase allows GEA to add secondary food processing and packaging machinery towards the less cyclical food industry.

"This acquisition follows our declared strategy to expand the food process technology activities of GEA Group horizontally," said Jurg Oleas, CEO of GEA Group. "In doing so, we can leverage the brand value of GEA by offering our customers ever more solutions along their entire process chain from one single source."

"The market segment of animal proteins is one of the fastest growing within the entire food industry. As part of the GEA Group we will have the chance to develop new customers and find access to new markets. GEA offers ideal growth conditions for an innovative and quality focused company such as CFS," remarked Brian McCluskie, CEO of CFS.

No financial terms were disclosed, and the transaction remains subject to approval by the antitrust authorities and is expected to be closed during the first half of 2011.