George Green’s gone to Iceland for food sector deal
BLACK Country law firm George Green’s corporate team has led on a multi-million pound food sector deal involving a business founded in Iceland.
The law firm’s team, led by partner and head of corporate Guy Green, advised Bakk AL Holdings on its acquisition of shares in Bakkavor Group, a provider of fresh, prepared foods.
The transaction involved Bakk AL Holdings, which is owned by brothers Agust and Lydur Gudmundsson, together with funds managed by the US based investor The Baupost Group, purchasing shares in Bakkavor from BG12 slhf and certain other shareholders.
Bakkavor was founded in Iceland in 1986 to export fish to Scandinavia and since then has grown to become a leading provider of fresh prepared foods, employing more than 18,000 people globally and producing more than 5,500 products with 47 facilities across the world.
Bakkavor’s customers include some of the UK’s best known grocery retailers including Tesco, Marks & Spencer, Sainsbury’s, Waitrose, Asda and Morrisons, who sell Bakkavor’s products to consumers under their respective retailer brands.
Agust Gudmundsson said: “I am delighted to welcome The Baupost Group to Bakkavor. They are globally recognised as highly successful long-term investors and are supportive of the company’s continued expansion plans.”
Guy Green said: “We are delighted to have been able to help our clients navigate through this significant and complex deal which has capped off an extremely busy month for our corporate team which has seen us complete on multiple transactions.
“2016 has certainly started very well for us and with a healthy pipeline we are expecting to be involved in a continuing and strong deal flow as the year unfolds.”
Clifford Chance advised The Baupost Group on the transaction whilst King & Wood Mallesons took the lead for the selling shareholders.
