Hull’s pork giant Cranswick has pulled out of its pursuit of a leading dog food business.
The farmer-formed East Yorkshire operator had been in the running to take on Inspired Pet Nutrition Ltd.
The sector-leading operator behind brands Wagg and Harrington’s was confirmed as a target to the City earlier this week.
It had planned to part finance the acquisition via an equity placing, alerting investors to the opportunity.
However, less than 24 hours after making the bid public, it confirmed it had pulled out.
Meat-focused food giants have been looking to diversify of late, with seafood a popular choice as they align with increasing ‘flexitarian’ diets.
Cranswick is already embarking on a strong poultry strategy in the protein sector, and pet food processing isn’t a huge jump from the production capabilities it excels in.
Sky news suggests equity house CapVest is now in the box seat for the North Yorkshire business.
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CapVest owns Young’s Seafood and pork business Karro, itself subject to stock market flotation speculation.
Annual results are about to be published for the Grimsby and Malton headquartered entities.
Cranswick has seen turnover surge as lockdown sent supermarket sales spiralling. FTSE-listed, it is closing in on becoming a £2 billion business.
It has also just announced it is to supply McDonald's with bacon - creating 100 jobs in its home city with a £20 million new plant investment.