A SOMERSET food and drink manufacturer has been bought out by a Swedish firm.

Shepton Mallet-based Framptons Ltd has been snapped up by privately-owned Gothenburg investment company Profura, which invests across industries, focusing on long-term co-ownership.

It primarily invests in Swedish, unlisted companies, but also international operations where it has industrial knowledge.

The acquisition of Framptons Ltd, mainly known for its oat drink production, aligns with Profura’s strategy to invest in companies with a sound core business and high potential for growth.

Profura's investments focus on industry, development and real estate and the concern has a turnover of £563million, 1,300 employees and approximately 45 active business units.

The parent company, Profura AB, is debt free, with a strong equity position of £407million, founded and solely owned by Bernt Ivarsson.

With effect from today (Friday, December 1), Framptons is owned by Provator, a wholly owned subsidiary of the Profura group who will provide the knowledge, support and financial stability to create a platform for future growth and expansion for Framptons.

With an established position in the food industry, Profura will bring valuable experience to Framptons’ business in the UK.

Profura’s food industry group, has a turnover of £70million.

Mr Ivarsson said: "The acquisition of Framptons represents a significant milestone for Profura.

"With our strong financial foundation and vast industry experience, we are well-positioned to rejuvenate Framptons, aligning it with our vision of sustainable and innovative growth.”

He added that Profura recognises the invaluable contribution of Framptons' employees, and is committed to building on the legacy of Framptons in Shepton Mallet, hoping to ensure its continued presence as a "community pillar and an employer of choice" in the future.

The newly formed board of directors, comprising members from both Profura and Framptons, is dedicated to steering the company towards a bright future.

Andrew Rimell will lead the business as managing director.

Framptons Ltd., based in Shepton Mallet, UK, is a prominent name in the food and drinks industry, with a heritage that can be traced back to 1898.

Known for its locally produced high-quality products and community involvement, Framptons has been a key player in the industry, contributing significantly to the local economy.