Management buyout completed at food production company
A management buyout has been completed at a £29m-turnover food production company for an undisclosed sum, backed by their current bankers HSBC.
The management team of Tadcaster-based Ibbotsons Produce was advised on the deal by Tariq Javaid, partner at accountancy firm Garbutt + Elliott, along with Matthew Smith from Andrew Jackson Solicitors.
Ibbotsons potatoes was founded by Peter Ibbotson in 1982, initially supplying chefs with specially selected varieties. The business gradually grew its customer base, taking in retail, wholesale markets and food processors.
In 2013 the business was taken over by Ibbotsons Produce with Tony Edwards joining as commercial director, now managing director.
Commenting on the MBO, Edwards said: “We are thrilled with how smoothly and efficiently the deal went. Garbutt + Elliott offered sound and timely advice, leaving me to concentrate on the growth plans I have for the company, including reaching new customers, increasing depots and possibly bringing in new varieties of crop.”
Tariq Javaid, partner at Garbutt + Elliott, added: “Ibbotsons now branded Braegate Produce Ltd has a strong reputation for quality and customers service in this industry and has delivered consistent growth over the last few years.
“Further growth being experienced by Braegate’s customers fuelled by consumer demand will enable Tony not only continue to grow the business but also leverage its experience and reputation to capitalise on new opportunities.”
