Canadian private equity firm Ardenton Capital Corp has acquired a majority stake in Food Innovations Baking Group, a Manchester, U.K.-based maker of specialist products for the home baking and retail market.
Terms weren’t disclosed. The seller was U.K. conglomerate Doric Group. Founders Peter Ward and Robert Ward will exit the baking group business.
Founded in 2004, Food Innovations provides edible and non-edible products in a range of packaging formats.
The deal is Ardenton’s fifth in the United Kingdom and follows its March investment in BGC. Ardenton said it will support Food Innovations’ organic and acquisition-based growth.
Ardenton Announces Equity Investment in UK Food Business
Ardenton Capital Corporation is pleased to announce its strategic partnership and equity investment in Manchester-headquartered Food Innovations Baking Group (“Food Innovations”), a manufacturer of specialist products for the home baking and retail market.
Founded in 2004, the business now has more than 250 employees across five sites and reports revenues in excess of £34m (approx. C$58m). The deal incorporates the acquisition of Doric Cake Crafts, Doric Crimped, Doric FPD and Food Innovations.
The business has grown rapidly through acquisitions, as well as strategic investment in new technologies that support the delivery of innovative cake craft, decorations, cake boards and packaging products to market.
Ardenton will work closely with the management team, made up of Bruce Murray, Group Finance Director, Simon Woodhouse, Group Operations Director and Robert Brace who is Sales & Commercial Director. The new partnership will allow the business to pursue additional complementary acquisitions and unlock further organic growth.
The co-founders, Peter and Robert Ward, will exit the baking group business but will retain ownership of Doric Anderton.
Michael Bradbury, Director of Ardenton UK, led the deal with support from James Worrall and Jonny Nixon. He said: “Food Innovations is an impressive business which is really innovating within its sector. Over the last few years the company has delivered strong organic growth while successfully integrating complementary acquisitions and we confidently back the management team to push the business through its next phase of growth. Further investment into new product development will form a key part of the strategy. Ardenton believes that Food Innovations is the ideal partner for its first step into the UK food sector, a key strategic vertical for the business. Going forward, the team will continue to consider other attractive acquisition opportunities in this space.”
Robert Brace added: “Ardenton shared our vision for the future expansion of the group. Their company ethos and personal approach made them the ideal choice. We are confident that their wealth of experience and ambition match our own. The partnership with Ardenton will enable the company to pursue new opportunities for innovation, acquisition and growth.”
Ardenton targets majority investments in businesses alongside strong incumbent owners and management teams seeking support in delivering long-term sustainable growth for their businesses. Supporting the partnership between Ardenton and Food Innovations is Director, Strategic Development, Allan Dunn. Based in the firm’s Manchester office, Allan is ideally located to oversee the implementation of the Ardenton Operating System (“AOS”) at Food Innovations focusing on business improvement and growth.
About Ardenton Capital Corporation: Ardenton is a global private business investment corporation, focused on meaningful business partnerships and long-term growth. Investing alongside passionate owners and management teams, Ardenton acquires controlling stakes in profitable, well-established, cash-flowing private businesses. Ardenton works to remove constraints for its business partners and provides operating and financial support with a long-term view on value creation. Ardenton has offices in Canada (Vancouver, Edmonton, Toronto, Guelph), the United States (Dallas, Philadelphia, Chicago) and the United Kingdom (Manchester, London).
About Food Innovations Baking Group: Based in Manchester, UK, Food Innovations is a multi-site manufacturer of home baking products. The business provides the full spectrum of edible and non-edible products to the home baking industry, from colours & flavours to cupcake cases, frostings to freeze dried fruit, and sprinkles to sweet pastry cases, with flexibility and customization around packaging formats. For more information, please visit www.foodinnovations.co.uk
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