Reward Catering, a food truck and trailer specialist founded by the Ward family in Bray in 2018, has been acquired by Swedish company Teqnion.

Reward Catering design and makes high-end food trucks for the European and American markets with its main customer base in the UK and Ireland.

Reward's products can be found in food courts and other venues all over the world and suit customers who require good looking bespoke vehicles to the highest specifications.

The trailers are generally used as food and beverage outlets, but other applications include DJ stands, hair salons, marketing vehicles etc.

Teqnion CEO Johan Steene commented: “Reward Catering is truly something special. The company has in an extremely short time made a major mark as a reliant supplier of the best food trailers for the most demanding customers. We are now proud, happy and ready to support them going forward.”

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Steene added that Reward Catering had annual turnover of c.€3.5m in the year to May 2022 and booked net profit of c.€1m.

The company filed accounts for the year to May 2021 disclose that the company, with three employees, booked a net profit of €500,000, and that net worth at period-end was €760,000.

Press speculation on the deal consideration centred on a figure in excess of €10m for the four-year-old venture.

Reward Catering’s shareholders are Kevin Ward (33%), Thomas Ward (33%), John Ward (17) and Anne Ward (17%).

Kevin Ward (31) stated: "We are in the beginning of a great journey and I believe that we have found really good travel companions in the Teqnion team. We share the belief in hard work and the passion necessary when it comes to building great companies."

Teqnion AB is an industrial group that acquires stable niche companies with good cash flows to develop and own long-term. Teqnion's shares (TEQ) are traded on the Nasdaq First North Growth Market.