Management buy-out at Livefoods
THE leading breeder of mealworms in the UK has been bought by its management team.
Livefoods Direct Limited, based in Sheffield, will be led by new managing director Dean Jackson, who has worked for the company for 14 years, and operations director Steven Evans.
The deal for the company, which has a turnover of £3m and employs 40 people, will see current owner Barry Hammond remain with the business as a consultant.
Mr Jackson said: “We are a close knit company with a committed workforce. I am sure we have their support and backing to continue the success of previous years.”
Russell Fitzpatrick and Steve Tweedle led the transaction on behalf of Yorkshire Bank South Yorkshire Financial Solutions Centre, which funded the deal, advised by Steve Bell of Hart Shaw and Paul Trudgill of Keeble Hawson.
Mr Fitzpatrick said: “Livefoods Direct is a well managed long-standing business and we are pleased to have supported the management team in acquiring the business.
“Yorkshire Bank is very much open for business and keen to support successful local enterprises with the right proposition.”
Nick Goulding of hlw commercial lawyers provided legal advice to Mr Hammond on the sale. The MBO team was advised by Patrick Abel of PKF and Alex Ross of Bell & Buxton.
John Longstaff of BHP Ingram Forrest advised Mr Hammond on the sale as well as conducting the fund raising exercise required to finance the transaction,
