Tue, 05 Jan 2016 | MBO/MBI
Food processing company Glendale Foods has been purchased in a management buyout, which will see three founding shareholders leave the company.
Managing director Paul Burkitt and the firm's operations director are taking control after buying the remaining shares from John Mortimer, Gill Mortimer and Pam Mortimer. The deal was backed by Lloyds Banking Group and managed by FRP Advisory.
The Salford-based business reached a turnover figure of £20 million last year, has a 200-strong workforce and was established in 1982. It merged with Supreme Foods in 2007. Glendale Foods' strong growth over recent years is in no doubt helped by some new contracts and investment in production facilities and equipment.
Glendale Foods processes meat and produces cooked foods, vegetables, and flour-based products for its UK and international clients who include wholesalers, retailers, food manufacturers, airlines and restaurants.
It owns The Great British Pudding Company, which offers lamb and mint, steak, ale and mushroom and steak and kidney puddings among others. Another brand Yankee Snacks includes cheese burgers, doner kebabs, lasagna and chicken and chips microwavable meals. Unique Cuisine is a third brand.
Martyn Rickels at FRP Advisory headed the deal and said: "We're delighted to have supported the team through this transaction.
"The company has performed strongly over recent years and is poised to capitalise on the recent operational investments. The transaction further demonstrates FRP Advisory's commitment to supporting owner-managed businesses through strategic changes."
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