Deals

Addo Food Group

“Thanks to Catalyst for all the work that you did on this project. Pragmatic, realistic, honest and very patient when we changed things around. A great result.”

Graham Rutter, Finance Director, Addo Food Group

Completion Date
April 2017

Transaction Type
Management Buyout

Lead Partner
Justin Crowther

Background
Catalyst advised LDC on the secondary management buy-out of Addo Food Group.

What Difference Did We Make?
Having known the business for some years, LDC asked Catalyst to advise on the buy-side owing to our experience and credentials in the food and drink market and working with management teams with a range of expansion plans. Our M&A role encompassed advising LDC on bid tactics, deal structure and entry pricing up until the point where they had won exclusivity. Catalyst then sat alongside the LDC team supporting on all aspects of the deal, project managing the transaction, challenging the vendor due diligence, assessing the commercial and financial impact of various customer plans, and preparing an exit paper to support the LDC investment case.

We also advised on raising the debt to fund the transaction, negotiating the appropriate debt package and covenants with the selected banking partner, Guggenheim.

We assisted the management team to produce a business plan supported by a detailed operating financial model to underpin the investment and banking process. In particular, the plan looked at how the business assessed a range of different growth opportunities available and a number of operational investments.

Activity
Headquartered in Nottingham, Addo Food Group (Addo) produces more than 287 million packs of chilled savoury pastry products every year. The business manufactures a range of own brand and branded which it supplies to the UK’s leading names in food retail including all the major supermarkets. In 2016 it launched its ‘Too Good to Be’ range of gluten-free sweet and savoury pastry products – the first of its kind.

With a trading history that dates back more than 160 years, Addo employs more than 2,500 people and operates across six UK sites. The business was acquired by Vision Capital from Northern Foods in 2007 and traded as Pork Farms Group until 2015 when it changed its name to Addo Food Group. In 2014, the company completed the acquisition of Kerry Foods' £100m chilled savoury pastry operations. In 2017, Vision Capital looked to realise a return through a range of liquidity options including a secondary management buy-out.


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