Endless exits Phoenix Foods to Specialty Powders
Turnaround specialist Endless has sold Phoenix Foods to trade player Specialty Powders in an all-cash transaction.
Partner Darren Forshaw stated that Endless has been delighted with the company's performance and that it has a strategic fit with Specialty Powders.
Previous funding
Endless backed the MBO of Phoenix Foods in April 2007.
Company
Phoenix Foods manufactures dry powdered and granular food products, including hot chocolate, iced tea, custard, gravy powder, and cornflour, which are distributed in various sizes. Based in Corby, UK, the company employs 100 staff and reports a £310,000 EBIT from a £12m turnover.
People
Partner Darren Forshaw represented Endless. Associate director Simon Mason led the original buyout.
Advisers
Equity - Sterling Corporate Finance, Andy Rose, Lyndsey Shaw (Corporate finance); Schofield Sweeney, Chris Schofield, Adrian Ballam (Legal).
Vendor - Squire Sanders, Jonathan Jones, Paul Mann, Guy Hunter (Legal); BDO, Tim Clarke (Financial due diligence).
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