Fine foods firm gobbled up in MBO

COVENTRY-based Arden Fine Foods been acquired by its management team, led by managing director Gary Barr, for an undisclosed sum.

Arden, which sources and supplies biscuits and bakery products, has an annual turnover of more than £20m.

The deal, for an undisclosed sum, was deal led by Birmingham advisory firm Springboard Corporate Finance. The transaction was completed with funding from Barclays Bank.

The current shareholders of Arden retain a significant interest in the business with current joint MD Jon Barlow becoming chairman.

Arden works with food manufacturers globally to develop Continental sweet and savoury biscuits which are then supplied into the UK multiple retailers and many other channels.

It provides products across private label, supplier brand and, increasingly, under its Arden brand.

Barr said, “My team and I are very pleased to have completed this transaction and look forward to the next phase of development for Arden.

“Significant opportunity now exists to build on the business’s history and reputation within the industry.

“We are excited by the opportunities ahead for the sector.”

Arden was advised on the transaction by Springboard, with a team led by partner Simon Ward, assistant director James Bailey and executive Jonathan Wright, with legal advice by Lodders for the MBO team and Freeths for the vendors.

The Barclays team was led by Neil Barnes of its Birmingham Corporate Centre.

Springboard’s Ward said:  “Arden is a great UK success story. It is a business that over 20 years has shown strong growth and developed an enviable market position working globally.

“The team is exceptionally innovative and we are pleased to have been able to help them on the next stage of their development.”