Private equity firm LDC has agreed on the secondary acquisition of UK-based chilled savoury pastry producer Addo Food Group for an undisclosed amount, in what has been described as “one of the most high-profile deals in the East Midlands this year”.
Addo produces more than 187 million packs of chilled savoury pastry products every year, employing more than 2,500 people. It operates across six sites in the UK, including Nottingham, Market Drayton, Spalding, Poole and Shaftesbury.
The business manufactures a variety of ranges, including sausage rolls, hot pies, slices, pork pies, Scotch egg items and quiches, while it has also reportedly pioneered a range of gluten-free sweet and savoury pastry products that were launched last year.
Prior to the buyout, the company completed the acquisition of Kerry Foods' £100 million chilled savoury pastry operations.
Outlining its future plans following the deal, LDC noted it will “support Addo’s growth strategy, which will include further investment in product innovation, expansion into new markets through organic growth and potential acquisitions in adjacent markets”.
Simon Peacock, director at Catalyst Corporate Finance, which advised LDC and its management team on the acquisition, said: “Addo is a market leading food business with a strong position in the UK’s chilled savoury pastry market, with a loyal consumer following for its well-known brands. The business has consistently outperformed over its long trading history, producing high quality foods and an extensive range of products.”
LDC’s Andy Grove and Victoria Marcer, who led the deal, will join Addo as non-executive directors, while Paul Monk, who is currently non-executive chairman at Seabrook Crisps, will also join as non-executive chairman.
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