A bakery which makes millions of loaves each year for Aldi and big sandwich makers such as M&S, has been sold.
Geary’s, an artisanal bread maker based in Leicestershire, has sold a majority stake to the family who founded Merseyside-based Aimia Foods.
Geary’s production recently hit a million loaves and rolls a week, partly thanks to a partnership with Aldi and a new bakery on the Optimus Point business park, at Glenfield, just outside Leicester.
It currently makes around 650-700,000 loaves a week which could hit 1 million in a year-or-so.
The investment will allow the business to move to the next stage in its development - including the launch of a Jason's Baked With Love range in 2020 - which will see around £25 million being spent on new premises, machinery and staff over the next few years.
Birmingham-based Orbis Partners advised Aimia founders the Unsworth Family on taking a majority investment in Geary’s.
The deal was supported with finance from Natwest and Lombard.
Legal advice to Geary’s was provided by Martin Smith of Knights Plc, in Pocklington’s Walk, Leicester.
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Geary’s dates back to 1906 and Jason Geary, the fourth generation of the family, has retained a significant stake in the company and will remain in his current role as managing director.
Its loaves and rolls are baked using the bakery’s own strain of sour culture, created more than 40 years ago.
The bakery, which has a second factory in Barrow-upon-Soar, near Loughborough has taken on dozens of new staff in the past couple of years growing the team to 250-plus.
The Glenfield bakery opened around two years ago following a £15 million investment.
Orbis helped the Unsworth Family identify Geary's as a “superior investment opportunity” due to its reputation supplying award-winning artisan breads and its unique market position. The firm acted as lead advisors on the deal.
Gary and Ian Unsworth founded Aimia Foods in 1981, whilst Gary’s son Rob ran the business as managing director from 2008.
The family owned and ran Aimia Foods prior to selling to Cott Corporation in 2014.
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Rob Unsworth, former managing director of Aimia Foods, will become chairman at Geary’s.
He said that with its experience in the food and consumer sector, Orbis had identified a number of high-quality businesses ripe for investment.
He said: “Geary’s is a fantastic investment opportunity due to its focus on quality artisan products and Jason’s ambitious plans for the company.
“We are excited to work with Jason and the team at Geary’s to help continue the business’ growth.”
Jason Geary said: “Geary’s has always focused on quality, which has been demonstrated by the thousands of awards we have won over the years.
“I am looking forward to working in partnership with the Unsworth family as we take Geary’s into the future together.”
Gary Ecob, partner at Orbis, said: “We’ve admired Geary’s for a number of the years and believe the attributes of the business fit perfectly with the Unsworth Family’s investment strategy.
“We’ve enjoyed working with Geary’s and the Unsworth Family over the last 18 months and are delighted to have concluded a deal that works for all parties.
“I am excited to see the next stage of Geary’s journey.”
Legal advice to the Unsworth Family was provided by Ryan Hawley and Tom Amarnani of Mills & Reeve. Tax advice was provided by Ray Abercromby of Smith & Williamson. David Browne of Provantage in Nottingham acted as corporate finance advisor to Geary’s.
Funding was provided by Ken Feast at Natwest and Carl Norman at Lombard.