LDC sells Hill Biscuits to trade buyer
LDC has sold Hill Biscuits to Cerealto UK, a portfolio company of Davidson Kempner Capital Management and Afendis Capital Management and the biggest biscuit, breakfast cereal, snacks and pasta manufacturer in Europe.
The private equity arm of Lloyds Bank declined to reveal the financial terms of the transaction.
LDC first invested in Hill Biscuits in 2017 and has invested in new technology to improve manufacturing efficiencies and increase capacity.
LDC claim that revenues doubled to over £40m in 2024, including reporting sales growth of 44% for last year. In the last set of accounts filed for the business for the year to the end of 2022 it recorded sales of £26m and EBITDA of £536,178.
Today, Hill Biscuits employs 350 people, but was founded in 1855 by Sarah and John Hill as a small family run shop. The business expanded and in 1893 moved into Tudno Mill in Ashton-under-Lyne, Manchester, where Hill’s bakery remains.
Hill Biscuits has become one of the largest and longest established biscuit manufacturers in the UK, producing hundreds of millions of biscuits each year, supplying a range of customers across retail, wholesale, and foodservice markets.
Frank Bird, CEO of Hill Biscuits, remarked, “This acquisition marks a pivotal moment in our journey to become the leading provider of everyday essential biscuits. This exciting opportunity allows us to harness and energise the experience and excellence of our two bakeries, enhancing our capabilities to meet customer needs.”
“I want to extend my gratitude to LDC, our investment partner since 2017. With their support, we have built a dedicated leadership team that has significantly grown our business. LDC has provided us with the confidence and resources to develop, invest, and innovate. Over the past seven years, we have made notable strides in enhancing our processes and products. Now, as we approach our 170th anniversary next year, we’re looking forward to partnering with Cerealto UK, and are poised to accelerate growth and innovation even further.”
Rob Powell, Partner at LDC added: “Hill Biscuits is a renowned and trusted supplier of quality products and it’s a business that refuses to stand still, achieving impressive rates of growth over recent years. We are proud to have supported the business and we wish the team every success for the future.”
LDC and Hill Biscuits were advised by Richard O’Donnell, Joshua Gorman and James Croxen of Clearwater and Paul Medlicott, George Danczak and Dan Conway of Addleshaw Goddard.
Pictured, above, top row (stood up): Steve Greenhalgh (executive chairman), Tracey Meadows (commercial director) and Frank Bird (chief executive officer)
Bottom row (seated): Brendon Ward-Banner (chief financial officer) and Simon Worth (operations director)
