Ardenton acquires Food Innovations Baking Group

Kenny Wastell
18 June 2019

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Ardenton Capital has acquired a majority stake in Food Innovations Baking Group, a UK-headquartered manufacturer of baking-related products, from its co-founders.

The transaction is Ardenton's fifth UK investment since it launched an office in Manchester in 2017, and comprises the acquisition of the Doric Cake Crafts, Doric Crimped, Doric FPD and Food Innovations brands. The company's co-founders, Peter and Robert Ward, will exit the business but retain ownership of the Doric Anderton brand.

Financial details of the transaction remain undisclosed, though Food Innovations' parent company Doric Group generated EBITDA of £3.7m from a turnover of £40.6m in the year ending in March 2018, according to publicly available documents. However, these figures included revenues accounted for by the aforementioned Doric Anderton brand.

Food Innovations has pursued an acquisitive growth strategy since its foundation and will continue to do so under its new owners.

NatWest Structured Finance provided a debt package to support the transaction.

Company
Founded in 2004, Manchester-headquartered Food Innovations produces baking products including colourings, flavours, frosting, freeze-dried fruit, cupcake and pastry cases, and candles. It has a headcount of 250 across five sites and generates a turnover of £34m, according to a statement issued by the acquirer.

People
Ardenton Capital – Michael Bradbury (director); James Worrall (associate director); Jonny Nixon (senior investment manager).
Food Innovations Baking Group – Bruce Murray (finance director); Simon Woodhouse (operations director); Robert Brace (sales & commercial director).

Advisers
Equity – Pinsent Masons, Kieran Toal, Tim Fearn, James Skivington, Katie Porter, William Bayly (legal); EY, Chris Lowe, Danyal Khan (debt advisory); PwC (tax); KPMG (financial & commercial due diligence); Marsh & McLennan (insurance due diligence).
Vendor – EY, Mark Clephan, Edward Gale, Stephen McGuinness, Yasmin Giovedi (corporate finance); Knights, Adrian Rogers, James Sheridan, David Hayes (legal).
Debt – Addleshaw Goddard (legal).