Fruit supplier sold to private equity firm in £25m deal
An East Midlands supplier of fruit, fresh fruit drinks and desserts has been sold to a private equity firm in a deal worth £25m.
Elaghmore has acquired Orchard House Food, which is headquartered in Corby and has a factory in Gateshead, from Hain Celestial Group.
Orchard supplies brands such as Marks & Spencer, Morrisons, Pret A Manger, Sainsbury’s and Tesco.
Elaghmore founders Andy Ducker and David Manning have experience working with a global fruit business as investors and executives at Chaucer Foods. They developed and subsequently sold Chaucer Foods to Nagatanien Holdings Co. in December 2016 in a deal worth $130m.
Ducker said: “Orchard House is a market-leading business which supplies products that many UK customers buy daily. We are very proud that we will be part of Orchard House’s growth and development as we look beyond COVID-19. Orchard House is a flagship investment for Elaghmore, and our financial strength and operational expertise means we can help Orchard House prosper.”
Elaghmore was advised by global investment bank Houlihan Lokey, financial and tax advisers EY and Squire Patton Boggs in Leeds in regards to legal.