Vision Capital sells Park Cake to management team

The deal saw the GP realise its investment after a 10-year holding period. Financial details surrounding the transaction have not been disclosed.

According to local press reports, the company generated pre-tax profits of £834,000 in 2016, compared with pre-tax losses of £13.5m in 2015.

Previous funding
In January 2007, Vision acquired the business via its VCP VI vehicle in a deal worth £160m, according to press reports.

Company
Founded in 1937 and headquartered in Oldham, Park Cake produces bakery products, such as cakes and desserts, for retailers across the UK market. The business claims to have a broad client base, which include Marks & Spencer, Tesco, Sainsbury's, Co-Op, Morrisons, Aldi and Lidl. It employs a staff of 1,500.

The company generated £160m in revenues in 2016, according to a statement.

People
Park Cake – Gareth Voyle (chair).

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• Topics
• Exits
• Consumer
• UK / Ireland
• United Kingdom
• Vision Capital