Arden Fine Foods acquired in MBO
The buyout of the £20m-turnover Coventry-based food business – which also owns the Arden brand of biscuits – was led by managing director Helen Young and finance director Andy Mewis. The transaction was completed with funding from Barclays Corporate Team.
Commenting on the deal, 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’ history and reputation within the industry.”
Departure of executive chairman
Arden’s shareholders will retain a significant interest in the business. This new deal also represented an exit for Arden executive chairman Gary Barr.
The acquisition is the second MBO for the business, advised by Springboard Corporate Finance.
The deal was advised by partner Simon Ward, director James Bailey and corporate finance executive Tom Hammond. The group negotiated funding terms, project-managed the purchase and secured debt funding partners for Barr’s previous buy-out of the business.
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.
‘Next stage of development’
“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.”
Barclays relationship director Neil Barnes commented on Arden’s proven track record of delivering strong financial performance and its longstanding relationship with the bank.
“I’m delighted this latest transaction will help support their future growth strategy and new product innovation,” he added.
Meanwhile, earlier this month, Cambridgeshire ingredients firm Cambridge Commodities (CC) – headquartered in Ely – acquired US organic ingredients business Ultimate Superfoods for an undisclosed sum.
Neil Hammill, CC group commercial director, said: “The addition of Ultimate Superfoods will enhance CC’s superfood offering and support our mission of providing customers with quality nutritional ingredients and healthier innovation to improve wellbeing in the US and the rest of the world.”
