Ann: Longtable Group to acquire St David Dairy and raises $15m, page-10

From a business perspective its less risk acquiring a already well received brand than starting a new one brand or product.
Numerous big name companies currently exist which are just a collection of brands/products which have been acquired.
The price may look large, but based on a P/E value, it's small. A premium product deserves and premium price I guess. But again the P/E of the acquired business looks small.