Foresight Group has announced an unspecified investment into Strathmore Foods.<\/p>\n
The Forfar-based manufacturer of branded and white-label ready meals employs around 115 people and produces 15 million meals per year. Founded in 1973, the company supplies several UK retailers and owns McIntosh of Strathmore, Craft Mac Co. and Scottish Favourites.<\/p>\n
Foresight\u2019s investment, alongside the existing shareholders, is aimed at supporting the management team to build on Strathmore\u2019s established market position and pursue growth across retail, foodservice and contract manufacturing.<\/p>\n
Former sales director Neil MacRae has been appointed as managing director and will lead this next phase of growth. Foresight has introduced Mark Steven, former managing director of Highland Spring, as chair.<\/p>\n
Julie Nisbet, director of Strathmore Foods, said: \u201cAs we enter this exciting new chapter, we are delighted to welcome Foresight as our investment partner while retaining a minority shareholding in the company.<\/p>\n
\u201cMost importantly, this partnership creates opportunities to invest further in our people, our customers and our capabilities, ensuring Strathmore Foods remains a leading food solutions provider, renowned for quality, innovation and service, for many years to come.\u201d<\/p>\n
Ryan Finesy, senior investment manager at Foresight, commented: \u201cStrathmore is a high-quality food manufacturing business with a leading position in the Scottish ready meal market, longstanding customer relationships and a strong track record of profitability.<\/p>\n
\u201cWe are delighted to support Neil and the wider management team as they build on the company’s strong foundations and execute the next phase of growth.\u201d<\/p>\n
To date, Foresight has invested in excess of \u00a3120m into companies across a range of sectors and transaction types throughout Scotland. This year, the private equity firm exited two of its Scottish portfolio companies; FIS Chemicals and ATL Turbine Services.<\/p>\n
Advisers to the company included Spayne Lindsay, Burness Paull and Henderson Loggie, while advisers to Foresight were Interpath, Addleshaw Goddard, Confidas, Vista Insurance, PMSI and Graham + Sibbald.<\/p>\n","protected":false},"excerpt":{"rendered":"
The investment comes with a change of managing director and chair<\/p>\n","protected":false},"author":278857,"featured_media":8880,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,47995],"coauthors":[137126],"class_list":["post-8879","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-retail","tag-featured-story","tag-highlands-islands"],"yoast_head":"\n