Browne Jacobson’s award winning corporate finance team has successfully advised on the secondary buyout of Addo Food Group backed by leading mid-market private equity investor LDC and Fullbrook Thorpe Investments LLP.
Corporate finance lawyers Richard Cox, Richard Medd and Sandra Wong advised management on the deal which will see Vision Capital successfully exit the business.
Addo, which formerly traded as Pork Farms until 2015, is one of the UK’s leading producers of own brand and branded chilled savoury pastries, producing more than 287 million products every year for leading retailers including all major supermarkets. Headquartered in Nottingham, the company employs 2500 people across six UK sites.
The investment by LDC and Fullbrook, which is backed by the former owner of Clinigen Group Andy Leaver, will support Addo’s long term growth strategy.
Addo will continue to be led by its existing management team, headed up by Group Managing Director, Chris Peters. The transaction was led by Andy Grove, LDC Head of New Business, alongside John Green, LDC Head of East Midlands, and Victoria Marcer, LDC Investment Director. Andy and Victoria will be joined on the Addo board by non-executive chairman Paul Monk, currently non-executive chairman at Seabrook Crisps.
Chris Peters, Group Managing Director at Addo Food Group, said:
“We are very excited about our partnership with LDC, to help us further unlock the potential we see in the market.
LDC has really bought into our vision and plan, and the whole Addo management team is looking forward to working with our customers, our employees and our investment partners to deliver the next exciting phase of our growth story over the coming months and years.”
Andy Grove, Head of New Business, LDC said:
“The UK’s chilled savoury pastry market continues to grow at a steady pace, driven largely by consumer loyalty to much-loved brands and indulgent products. Over its long trading history, Addo has continually demonstrated its ability to evolve and adapt, maintaining its market leading position through a clear focus on product innovation and high quality product ranges.
In Addo, we’re backing a management team with strength in-depth, led by Chris Peters. We look forward to working alongside them to support the business’ next phase of growth and expansion.”
Browne Jacobson’s award winning corporate finance has recently been ranked the number one firm in the East Midlands by Legal 500 and Chambers UK directories.
Richard Cox, corporate finance partner at Browne Jacobson, commented:
“We are delighted to have supported management on this deal. It was great to work on such a high profile regional deal and with a driven and motivated management team.”