Bridges invests £5.6m in Vegetarian Express BIMBO

Under its new ownership model, the company will look to add to its product range and expand its distribution network in the UK.

Following the deal, former Premier Foods COO Tim Kelly will take on the role of executive chairperson, while existing shareholders David Jonas and Will Matier will both remain actively involved in the business. Bridges Ventures partner Oliver Wyncoll and investment manager Emma Thorne will also take a seat on the board.

Capital for the transaction was drawn from Bridges Sustainable Growth Fund III, which held its final close in October 2013 on £125m, beating its £100m target.

The Vegetarian Express deal marks the ninth investment for the vehicle, and the second it has made in the food sector. In July 2014, the fund acquired a controlling stake in healthy snacks manufacturer Wholebake, providing a full exit for previous backer Finance Wales.

Company
Founded in 1987 and headquartered in Watford, Hertfordshire, Vegetarian Express is a supplier of vegan products to the catering industry. Its products include tofu, quinoa, nuts and spices, generating a turnover in the region of £10m.

People
Bridges Ventures – Oliver Wyncoll (partner); Emma Thorne (investment manager).
Vegetarian Express – Tim Kelly (executive chairperson).

Advisers
Equity – Addleshaw Goddard, Marc Field (legal); RSM, Jonathan Wade (financial due diligence); Parthenon EY, Paul Ahern (commercial due diligence).
Company – BCMS, James Pugh (corporate finance); Continuum, Guvvy Sandhu (legal).

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• Topics
• Buyouts
• UK / Ireland
• Consumer
• United Kingdom
• Bridges Ventures