Paine Schwartz sells Meadow Foods to Exponent

Unquote understands that Exponent drew capital from its third fund to finance the deal, despite the GP having made its maiden investment from its fourth fund in recent days. The firm's third fund was 80% deployed as of September 2017, according to Unquote Data.

Meadow Foods bolted on Roil Foods and Fayrefield Liquids under the vendor's tenure, in addition to investing in its manufacturing facilities and introducing new products. The business will continue to pursue an acquisitive growth strategy under its new owners.

Paine Schwartz and Exponent could not be reached for comment at the time of publication.

Previous funding
Paine Schwartz acquired Meadow Foods in September 2016 in a deal that saw existing investors, the Chantler family, retaining a substantial stake and the Pickering family fully divesting its stake.

Company
Founded in 1992 and headquartered in Chester, Meadow Foods provides milk and dairy ingredients to the food industry. The company has additional operations in Peterborough and Holme-on-Spalding Moor.

People
Paine Schwartz Partners – Dexter Paine (chairperson, founding partner).
Exponent Private Equity – Oliver Bower (partner).
Meadow Foods – Mark Chantler (CEO).

Advisers
Equity – Rabobank (M&A).
Company – Houlihan Lokey, Garyth Stone (corporate finance); RPC (legal); KPMG (tax).

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• Topics
• Exits
• Buyouts
• UK / Ireland
• Consumer
• United Kingdom
• Paine & Partners
• Exponent Private Equity
• Secondary buyout
• Houlihan Lokey
• KPMG