Family takes majority stake in Leicestershire bakery giant
Leicestershire-based Geary’s Bakery has received a “major” investment from a family with a strong background in the food industry.
The Unsworth family, which set up and sold St Helens-based Aimia Foods, has taken a majority stake in the Barrow upon Soar bakery in deal financed by NatWest and Lomboard.
Birmingham-based Orbis, led by partner Gary Ecob and associate director Steve Nock advised on the deal.
Geary’s was established in 1906 and has remained family-run throughout four generations. The business recently received £15m of investment in 2018 to support the development of a new, purpose-built factory in Leicester to keep pace with the exponential growth demand of its biggest customer, Aldi.
Owner Jason Geary has retained a significant equity stake in the company and will remain in his current role as managing director following the Unsworth Family’s investment. The Unsworth Family previously owned and ran the Aimia Foods business prior to selling to Cott Corporation in 2014. Gary and Ian Unsworth founded the Aimia Foods business in 1981, whilst Gary’s son Rob ran the business as managing director from 2008.
Rob Unsworth, who will take on the role of chairman at Geary’s, said: “With their experience in the food and consumer sector, Orbis identified a number of high-quality businesses with the attributes we were looking for. Geary’s is a fantastic investment opportunity due to its focus on quality artisan products and Jason’s ambitious plans for the company. We are excited to work with Jason and the team at Geary’s to help continue the business’ growth.”
Jason Geary said “Geary’s has always focused on quality, which has been demonstrated by the thousands of awards we have won over the years. I am looking forward to working in partnership with the Unsworth family as we take Geary’s into the future together.”
Gary Ecob, partner at Orbis, said: “We’ve admired Geary’s for a number of the years and believe the attributes of the business fit perfectly with the Unsworth Family’s investment strategy. We’ve enjoyed working with Geary’s and the Unsworth Family over the last 18 months and are delighted to have concluded a deal that works for all parties. I am excited to see the next stage of Geary’s journey.”
Legal advice to the Unsworth Family was provided by Ryan Hawley and Tom Amarnani of Mills & Reeve. Tax advice was provided by Ray Abercromby of Smith & Williamson.
David Browne of Provantage in Nottingham acted as corporate finance advisor to Geary’s. Legal advice to Geary’s was provided by Martin Smith of Knights whilst funding was provided by Ken Feast at Natwest and Carl Norman at Lombard.
