PoleStar Foods forged out of the purchase of Heinz UK's frozen desserts wing aims to use its leadership team's broad experience to build its retail and foodservice businesses.
PoleStar's chief executive Keith Ellis has a private equity background and was formerly involved with venture capital group 3i. "Our plans are to build on both channels," said Ellis.
Customers include major supermarkets. Under the terms of the deal, PoleStar Foods will also produce and sell foodservice brand Alveston Kitchens under licence from Heinz. The deal also includes the American Dream and Devonshire frozen dessert brands and a co-pack agreement for PoleStar to produce Weight Watchers from Heinz, Heinz and Ross branded frozen desserts.
Heinz described the divested interests as "non-core" areas, but said it would work closely with PoleStar as a co-packing partner.
"Because of the skills in the team, we can give the frozen desserts category leadership and direction it has not had this in the past," said Ellis. "This will be done through investment in innovation and insights into what customers are looking for."
Ellis said the 580 employees at the two Heinz UK sites in Leamington Spa, Warwickshire where PoleStar's head office will be and Okehampton, Devon, that were in the deal will be kept on. "We will invest as necessary for product development and efficient production," added Ellis.
The business's estimated annual turnover is £40m.
Ellis's team includes non-executive chairman John Gibson previously chief executive of the Real Good Food Company and finance director Will Clark, a former 3i employee.
Sue Garfitt provides marketing expertise, having previously been head of category, insights and marketing planning at Burton's Foods. Joe Tattersall, latterly group operations director at Inter Link Foods, will run operations.
International law firm Faegre & Benson advised PoleStar, while Wragge & Co advised Heinz.