Lakeland Dairies has announced a deal to buy UK-based Taste Trends for an undisclosed sum.

Surrey-based Taste Trends makes the Coolicious branded fat-free frozen yogurts and is the largest maker of frozen yogurts in Europe. It sells over 17 million portions a year. 

The total value of the frozen yogurt market in the US now exceeds $1.5 billion.

Lakeland said the deal provides an "excellent strategic fit" for both companies and complements its dairy foodservice business. 

The co-operative said it plans to expand sales of Coolicious frozen yogurt products to international markets. It noted that the total value of the frozen yogurt market in the US now exceeds $1.5 billion.

"We look forward to developing this new opportunity further across our international foodservice business using our well defined routes to market," commented the company's group CEO Michael Hanley. 

"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," he added.

Lakeland Dairies is an 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. It processes this into a range of value-added dairy foodservice products and food ingredients which it exports worldwide.