ADM acquires HHP assets

ADM is drawing funds from its Cibus Fund, which held its final close on $450m in January 2019. The fund's average ticket size is $20-50m for buyout transactions. Cibus is dedicated to sustainable food processing and production businesses across Europe and Australasia.

ADM will acquire several of HHP's businesses, including HHP Glass, HHP Propagation, HHP Portugal and the Colworth farm assets held by HHP Farming. The assets will be transferred to the newco named The Summer Berry Company.

The current CEO of HHP, David Iain Kay, has joined the managerial team of The Summer Berry Company.

Company
HHP was founded in 1966 and today supplies Waitrose, Tesco and Marks & Spencer. It began operating its business in Portugal in 2016. While HHP is based in Wokingham, Summer Berry Company will be headquartered in London. HHP employs more than 2,000 people in seven production sites.

People
ADM Capital Europe – Jeremy Alun-Jones (chief operating officer); Jason Silm (senior investment director).
Hall Hunter Partnership – David Iain Kay (CEO).

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