Promethean nears £53m Produce Investments take-private

The proposed deal would see the GP acquire the business in a deal valuing its shares at 193 pence apiece, equivalent to a 35.4% premium on the closing price on 10 September.

Promethean has received irrevocable undertakings for 23% of the company's issued share capital.

Produce Investments generated an operating profit of £8.4m from a turnover of £200m in 2017, according to publicly available documents, down from £9.2m and up from £185m respectively in 2016.

The group operates brands including Swancote Foods, The Jersey Royal Company, Greenvale AP and Rowe Farming. It was founded in 2006 and is headquartered in Doddington, Cambridgeshire.

N+1 Singer is acting as financial adviser to the acquirer, and King & Spalding International is acting as legal adviser. Shore Capital is acting as financial adviser and broker to Produce Investments and Addleshaw Goddard is acting as legal adviser.

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• Topics
• Buyouts
• UK / Ireland
• Consumer
• United Kingdom
• Take Private