Managers buy Wirral food business
WIRRAL ingredients business Uren Food Group has been bought by its management.
The Uren family, which established the Neston-based business 119 years ago, has sold a majority stake. The value of the deal was not disclosed but Barclays provided a £10m funding facility.
Uren Food has annual sales of £55m and supplies frozen fruits, fruit juices, purees, concentrates, and nuts to food manufacturers around the world. It employs 250 people with factories in Poland and Chile and offices in China, France, and the US.
Managing director Ross Stewart said: “The whole team at Uren Food Group has worked tremendously hard over the years to establish a successful business which is now set for further growth.”
The Barclays deal team was led by relationship director, Jane Khaliq and Neil Dobson.
Uren’s produce can be found in yoghurts, desserts, spreads and confectionery manufactured by major global brands.
The company, founded by John Uren in 1895, was until the MBO owned by five, third-generation family members.
The management team, which completed the buyout for an undisclosed sum, is led by managing director Ross Stewart and includes fellow long-serving directors Julian Wood and Paul Jones.
Nigel Barratt, head of Hurst Corporate Finance, advised the shareholders on the sale of their majority stake. The firm’s Liz Gallagher provided tax advice.
The family’s legal advisers were Mark Rathbone and David Seddon, of Brabners. Phil Whitehurst led a team at law firm Hillyer McKeown who advised the MBO team.
Mr Barratt said: “We worked closely with the shareholders at Uren throughout an extremely lengthy and complex process. I am delighted that we managed to secure the right deal for them and the other parties involved.”
