Inflexion Private Equity, a UK lower mid-market private equity firm, has sold its investment in Ilchester Cheese, an English producer and exporter of speciality cheeses.
Ilchester Cheese was sold to Tine, a Norwegian milk co-operative and the maker of Jarlsberg cheese, for an undisclosed sum. PwC Corporate Finance advised on the sale.
Inflexion said that the exit represented a multiple of more than two times and a mid-twenties internal rate of return on its December 2004 acquisition of Ilchester Cheese, in which it invested £5m through a combination of ordinary shares and loan notes, with senior debt and mezzanine provided by Singer & Friedlander.
Ilchester produces Applewood, Mexicana and Five Counties cheese brands. The company has achieved an 11% CAGR in revenue during Inflexion’s investment period.
Source: Thomson Merger News