Yorkshire corporate deals review in association with Gordons

THE deal that has captured the imagination of the market in the last month is the £35m MBO of Seabrook Crisps by LDC.  

I am told that the time it takes for a potato to roll off a lorry and end up in a bag of crisps in the Seabrook factory is about 14 minutes… I suspect this deal took a bit longer to pull off!

Established in 1945 and in family ownership until now, Seabrook produces a range of crisps and low-calorie snacks at its Bradford headquarters.  

The current management team led by Jonathan Bye, who LDC have supported in this deal, have helped the business overcome some challenging years but it now looks set to thrive and take this great Yorkshire brand to the next level.

Seabrook Crisps has responded to modern trends by making gluten-free products and reducing salt content by 20%. It has also responded to the changing nature of UK grocery retail by increasing its penetration in the fast-growing discount sector. All of this has helped it expand sales beyond its core northern market to become a national brand.

The developments in the business over the last few years demonstrate how important it is to embrace change and respond to the markets in which you operate.    

The deal is also a great example of the strength of the local finance and advisory market. LDC has been supported with funding provided by Yorkshire Bank and all but one of the advisory firms was from the local market.  

A great deal which has been ‘lovingly made in Yorkshire’.

It also continues a trend of local private equity activity, including LDC’s investment in global insurance technology business, SSP and Endless’ investments in Kier Group’s fleet and passenger services business, road incident business FMG and communications business, Adare.