LDC snaps up Seabrook Crisps

LDC has taken a majority stake in the company and will support Seabrook by investing in its manufacturing infrastructure, product development and overseas sales. Furthermore, LDC has identified potential acquisition targets to further expand the company.

According to the captive GP, the UK crisp market is worth £1.1bn and has been growing at a combined annual growth rate of 4.2% since 2007. The UK has the highest crisp consumption in the world, with 2.5kg of crisps consumed per person every year.

The deal was financed with senior debt facilities provided by Yorkshire Bank.

Company
Founded in 1945, Seabrook produces crinkle-cut, straight-cut and hand-cooked lattice crisps, as well as low-calorie snacks. Seabrook notably invented Worcester sauce flavour crisps in 1975.

The company is headquartered in Bradford, Yorkshire, and employs 150 people.

People
Seabrook CEO Jonathan Bye led the management buyout, which saw owner Ken Brook-Chrispin fully exit the company.

Director Ged Gould led the investment for LDC, alongside investment directors Simon Braham and Dale Alderson.

Advisers
Equity – KPMG, Alex Hartely (Financial due diligence); Pinsent Masons (Legal).
Vendor – McQueen (Corporate finance); Sentio (Corporate finance); Walker Morris (Legal); Deloitte (Financial due diligence).

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• Topics
• UK / Ireland
• Consumer
• Buyouts
• United Kingdom
• LDC