Energize puts life back into pie firm
AN investment by Warrington-based private equity fund Energize Capital has helped to save 80 jobs at a Yorkshire pie company.
The investment in start-up company Abbeydale Foods has allowed it to buy the Denby Dale Pie Company from administrators PKF.
Abbeydale Foods has been founded by Andrew Hayes and Colin Wright. Wright is a food industry veteran who was previously CEO and chairman of sausage maker Tranfield Foods, while Hayes is a former head of the Aunt Bessie’s potato brand.
The West Yorkshire village of Denby Dale has been renowned for pie making for over 200 years and has a history of celebrating special events with commemorative pies including the recovery of King George III from mental illness in 1788, the victory of the Duke of Wellington at the Battle of Waterloo in 1815 and the repeal of the Corn Laws in 1846.
The Denby Dale pie company has won awards for its branded meat and potato variety and also manufactures a range of own-label frozen pies. A Scunthorpe-based sister firm, Country Chef, processes potatoes for use by manufacturers of filled potato skins.
The investment is Energize Capital’s fourth deal since setting up 14 months ago.
It provides debt, mezzanine and equity packages of between £100,000 and £5 million to private companies.
Energize Capital’s managing director, Jeremy Carr, said: “Abbeydale assembled a very impressive and experienced team of food professionals to complete this acquisition and has a very exciting business plan to develop Denby Dale pies and potato products.”
Hayes said: “Abbeydale has been formed to build a substantial food group and both these acquisitions fit our strategy while at the same time saving jobs”
Abbeydale was advised by accountants Grant Thornton and law firm Geldards.
