£20m biscuit and bakery firm sold in MBO
Arden Fine Foods, the Coventry supplier of biscuits and bakery products based in Coventry, has been bought in a management buyout.
The MBO has been led by managing director, Helen Young and finance director Andy Mewis, who have bought the firm for an undisclosed sun.
The deal was advised on by Springboard Corporate Finance and is the second MBO the firm has advised on at Arden in the last five years. The transaction was completed with funding from Barclays Corporate team. The current shareholders of Arden have retain a “significant financial interest” in the business. The deal represents an exit for Arden executive chairman Gary Barr.
Arden, which has turnover of over £20m, works with food manufacturers globally to develop sweet and savoury biscuits and other seasonal products which are then supplied into the UK multiple retailers and many other channels. Arden provides products across private label, supplier brand and via its own Arden brand.
Young said: “My team and I are very pleased to have completed this transaction and look forward to the next phase of development for Arden. Significant opportunity now exists to build on the business’s history and reputation within the industry.”
The Springboard Corporate Finance, with a team led by partner Simon Ward, director James Bailey and executive Tom Hammond, with legal advice by Higgs and Sons for the MBO team and Irwin Mitchell for the vendors. Tax advice was provided by Claritas. Barclays team was led by Neil Barnes of its Birmingham Corporate Centre.
Ward said: “Arden is a great UK success story. It is a business that over 20 years has shown strong growth and developed an enviable market position. We have worked with the business across two buy-outs and are delighted to have developed such a long term relationship. The team is exceptionally innovative and we are pleased to have been able to help them on the next stage of their development. It is also encouraging to see banks remain supportive of quality businesses and management teams despite uncertain times.”