Fri, 23 May 2014 | MBO/MBI
A four-strong senior management team has completed a buyout of a Taunton-based dessert manufacturer.
Ministry of Cake supplies popular cakes and desserts that appear on the menus of pubs and restaurants across the UK. Chief executive Chris Ormrod led the MBO team along with finance director Jeremy French, operations director John Anderson and sales director Steve Braithwaite.
The Taunton business employs around 250 people and has an annual turnover of £25 million. The company is the UK’s leading producer of chocolate fudge cake but also has a broad range of other sweets. Formed in 1865 by renowned sweet entrepreneur William Tanner Maynard, the firm has reportedly experienced significant growth in recent years.
The previous owner, listed food producer Greencore plc, put Ministry of Cake up for sale four months ago and the internal buyout is thought to have been for an upfront cash consideration of £8 million and a deferred consideration of up to £3 million. The private equity provider LDC, which is part of the Lloyds Banking Group, backed the MBO.
The company produces more than two million slices of cake every week, with its clients including Pizza Hut, Hard Rock Café and Café Nero, as well as a number of pub chains.
Chris Ormrod said: “LDC’s investment brings additional strategic input and financial backing to our business and will help us to deliver ambitious growth plans.
“As well as increasing the pace of organic growth and building on our position within our core UK market, we are keen to pursue appropriate acquisition opportunities here in the UK and in related product areas.”
______________________________________________________________________
Related information:
Business acquisition funding
Business valuation methods
This well-established company operates to NSI Gold standards, providing comprehensive security solutions including design, installation, and maintenance for systems such as intruder alarms, fire alarms, CCTV, and access control. With a strong supplie...
This well-established business offers a comprehensive range of residential services, from plumbing and heating to building maintenance, with a robust customer database and a reputation for excellence across major platforms. With trained heat pump ins...
This well-established independent garage, recognised as an RAC and AA-approved car servicing provider, presents a fantastic opportunity for large fleet operators looking to integrate a renowned maintenance and repair service with a diverse client bas...
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.