Adelie said the agreement would enable it to continue its ambitious plans to grow sales to consumers eating on the hoof.
It claimed it had enjoyed significant success over recent years in the sector, developing its own-label coffee shop and retail business and establishing Food Partners’ Urban Eat as the top UK sandwich brand.
‘Seeking new investor’
“We have been engaged in the process of seeking a new investor for the business for several months,” said Adelie ceo Gavin Cox.
“I am delighted that we have now reached an agreement with like-minded partners who are such a strong cultural fit for our organisation and are fully supportive of our plans for growth, both in our home and international markets.”
Adelie’s commercial director John Hyman added: “This deal has given us a great platform on which to develop our position in the UK food-to-go market and in turn to work in partnership with our customers to support their growth plans in this dynamic sector.”
‘Reputation for innovation’
Paul Canning, md of HIG Capital, said: “Adelie has developed a strong reputation for service, quality and innovation in the UK food-to-go sector and we are delighted to be investing in the business as it continues to expand.”
Ravi Deol and Sandeep Vyas, who have worked with Adelie since India Hospitality Corp acquired the business from Duke Street Capital in April 2012, will retain a significant interest in the business. They confirmed they would continue to work alongside and support Cox and the existing senior management team.
Deol commented: “This allows Adelie to reinforce its position of being the most innovative food-to-go company. Strategic investment in strengthened manufacturing, product innovation, customer solutions and organisation capability will ensure continued rapid growth in its core and new markets.”
HIG Capital has more than €17bn (£11.9bn) of equity capital invested in small and mid-sized companies around the world, managing a portfolio of more than 80 firms with combined sales in excess of €30bn (£21.1bn).