UK - NBGI backs the £13m management buy-in of Matrix's Pasta King

The deal has generated a money multiple of 3.2x and an IRR of 47% for Matrix. NBGI is backing Howard Farquhar and Mike Cole, the company's new managing director and chairman, respectively. HSBC provided the debt to finance the transaction.

Devon-based Pasta King provides meal solutions comprising mostly pasta with fresh sauces. The meals are served hot from pasta bars that are loaned out free of charge to the customer base. Pasta King operates in the secondary schools market. The company has also recently received approval by the NHS Purchasing and Supply Agency for supply into hospitals and other primary healthcare trust establishments.

In 2006, Matrix backed the management buyout of Pasta King from its private vendors in a deal valued at £4.2m. The private equity firm took a 27.5% stake in the business,

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