Effective upon the completion of the transaction, Bakkavor has entered into a relationship with LongRange – the relationship agreement – that will regulate the ongoing relationship between the two.
Simon Burke, Bakkavor chairman, said: “Baupost has been a supportive shareholder in Bakkavor over many years and we wish them well. Patrick Cook was a very positive addition to our Board, giving us insight, good challenge and constructive debate. I would like to thank him for this on behalf of us all and wish him every success in the future.
“In the meantime, I am delighted to welcome back Bob Berlin. He knows us and our markets very well, and I look forward to the board having the benefit of his knowledge and energy once again.”
Non-executive director
Bob Berlin will be appointed as a non-independent, non-executive director of Bakkavor’s board, pursuant to the relationship agreement. His appointment will become effective upon completion of the transaction.
A managing partner with LongRange since 2019, Berlin previously served as managing director of Baupost where he held responsibility for a number of investments, including Bakkavor.
Bakkavor chief executive Mike Edwards added: “I would like to extend a warm welcome to Bob Berlin, who rejoins our Board representing LongRange.
“He has a deep understanding of our business as well as our markets and his experience will be invaluable as we continue to build positive momentum and deliver our strategic ambition.”
The departure of a major shareholder came as Bakkavor posted its an update on its 2023 full year financial results.
Full-year results
Profit for the year, net debt and leverage were all expected to be ahead of market predictions, with the UK once again leading market share for the company with revenue growth of 3.9% to £1.85bn.
Mike Edwards, added: “As we enter 2024, momentum is building in all three regions, which gives us confidence to deliver further financial improvements in the year ahead. This is clearly important as unprecedented levels of inflation have impacted profit margins over the last two years.
“I would like to take this opportunity to thank everyone at Bakkavor for their continued commitment and energy during a year of significant change, which saw the Group exceed expectations and set a clear path for delivery in 2024.”
Meanwhile, artisan speciality food group Panicium has acquired The Bury Black Pudding Company (BBP) for an undisclosed sum.
