Thu, 30 Jun 2022 | MBO/MBI
Devonshire-based flapjack company, Devonvale has undergone a management buyout (MBO) in order to expand and grow.
The company, which hand-bakes its flapjacks and cakes, supplies own-label products as well as selling under its own brands in the UK, has recently expanded to selling its products in a number of countries in Europe.
Devonvale has now been acquired by Martin Loader who is the managing director and chairman Tony Revill-Johnson from founders Keith and Trudy Upham.
Martin Loader said: "Going forward, and supported by a terrific team of people, I am focused on growing with existing customers, as well as supporting new customers in bringing new products and brands to the exciting growth segments of sweet snacking and food to go.
"Building on our well-earned reputation for good products and customer service, Devonvale is well placed to meet customer demands in the UK and internationally."
Business Advisers, PKF Francis Clark, assisted the new owners with the buyout. The team included Sam Phillips and Tom Slade who served on due diligence, deal support, and sale and purchase agreement management.
Tony Revill-Johnson added: "We'd like to thank PKF Francis Clark for their invaluable support during this deal. Sam, Tom and the team showed that their people-first approach, coupled with a winning combination of insight and experience, was instrumental in guiding us to a successful conclusion."
Sam Phillips, transaction services director at PKF Francis Clark, said: "With Devonvale having built a reputation for the quality of its products, Tony and Martin saw an opportunity to acquire and grow the business with some investment backing.
"Our role was to get under the skin of the business to help identify the drivers of growth and cashflow requirements, as well as supporting with deal negotiation.
"We were delighted to assist with the successful management buyout and wish the new owners every success with their ambitious growth plans."
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