A north west manufacturer of specialist products for the home baking and retail market will accelerate its buy and build strategy after significant investment.
Ardenton Capital Corporation聽 has taken a majority stake in Manchester-headquartered Food Innovations.
Established in 2004, the business now has 250 employees across five sites and reports revenues in excess of 拢34m.
The deal incorporates the acquisition of Doric Cake Crafts, Doric Crimped, Doric FPD and Food Innovations.
The business has grown rapidly through acquisitions, as well as strategic investment in new technologies that support the delivery of innovative cake craft, decorations, cake boards and packaging products to market.
Ardenton will work closely with the management team including Bruce Murray, group finance director, Simon Woodhouse, group operations director and Robert Brace who is sales & commercial director.
The new partnership will allow the business to pursue additional complementary acquisitions and unlock further organic growth.
The co-founders, Peter and Robert Ward, will exit the baking group business but will retain ownership of Doric Anderton.
Michael Bradbury, Director of Ardenton 海角视频, led the deal with support from James Worrall and Jonny Nixon.
He said: 鈥淔ood Innovations is an impressive business which is really innovating within its sector. Over the last few years the company has delivered strong organic growth while successfully integrating complementary acquisitions and we confidently back the management team to push the business through its next phase of growth.
鈥淔urther investment into new product development will form a key part of the strategy.
"Ardenton believes that Food Innovations is the ideal partner for its first step into the 海角视频 food sector, a key strategic vertical for the business. Going forward, the team will continue to consider other attractive acquisition opportunities in this space.鈥
Robert Brace added: 鈥淎rdenton shared our vision for the future expansion of the group.
"Their company ethos and personal approach made them the ideal choice.聽 We are confident that their wealth of experience and ambition match our own. The partnership with Ardenton will enable the company to pursue new opportunities for innovation, acquisition and growth.鈥
This is Ardenton鈥檚 fifth investment in the 海角视频.
The firm was advised on the deal by Pinsent Masons, EY (debt advisory) PwC (tax), KPMG (financial and commercial due diligence) and Marsh & McLennan (insurance). Senior debt and working capital facilities were provided by NatWest Structured Finance. Addleshaw Goddard advised NatWest.
EY鈥檚 corporate finance team based in Manchester advised shareholders on the deal.聽 Legal advice was provided by Knights.
