NorthEdge invests in Bridge Farm Nurseries MBO

Financial details were not disclosed. Bridge Farm generated a gross profit of £3.8m from sales of £12m in 2016, according to publicly available documents. This is up from a gross profit of £2.3m on sales of £8.3m in 2015.

The investment from NorthEdge will allow the management team to continue its capital expenditure programme, investing in glasshouse infrastructure and biomass heating.

NorthEdge deployed capital from its second fund to invest in Bridge Farm, the GP confirmed. NorthEdge Capital Fund II held a final close in March 2016 on £300m. It targets businesses in the north of England, across a range of industries, and focuses on the lower-mid-market, specifically businesses with enterprise values of between £10-100m, with a £20-75m sweet spot. Typical tickets will range from £5-35m.

NorthEdge director Rob Freer will sit on the board in a non-executive capacity.

The GP recently opened a new Birmingham office to conduct Midlands investments – the Bridge Farm deal is the first to be made from the new office.

Company
Founded in 1988 and headquartered in Spalding, Lincolnshire, Bridge Farm works with UK supermarkets under the brand name Neame Lea. Its product offering focuses on outdoor plants, flowers and herbs. The business operates from five locations around Spalding. It employs 500 staff.

People
NorthEdge – Rob Freer (director); Andrew Skinner, Dan Matkin (investment managers); Phil Frame (investment director).
Bridge Farm – David Ball (CEO).

Advisors
Equity – EY, John Houlden, Dougal Baxter (financial due diligence); EY Parthenon, David Larsson, Robert Pyle (commercial due diligence); Intechnica, Andrew Ash (IT due diligence); Marsh, Peter Vernon (insurance due diligence); Strategic Resource Solutions, Maurice Willoughby (management due diligence); ERM, Jonathan Van Der Westhuizen (environmental, health, safety due diligence); Savills, James Sadler (property due diligence); Syngroup, Susanna Mitterer, Andie Hallihan (operations due diligence); PwC, Simon Viner (tax due diligence).
Company – EY, Neil Meredith, Mark Day, Sadiya Bi, Barry Moss, Louise Leung (newco management advice); Gateley, Tom Durrant, Gareth John, Colin Gittus, Priyadevi Thakker (buyside legal); Browne Jacobson, Gavin Cummings, Sandra Wong (sell side legal); Roythornes Solicitors, Peter Seary, Lizzie Walters (management legal).

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• Topics
• Buyouts
• UK / Ireland
• Consumer
• United Kingdom
• NorthEdge Capital