Fri, 23 May 2014 | MBO/MBI
A four-strong senior management team has completed a buyout of a Taunton-based dessert manufacturer.
Ministry of Cake supplies popular cakes and desserts that appear on the menus of pubs and restaurants across the UK. Chief executive Chris Ormrod led the MBO team along with finance director Jeremy French, operations director John Anderson and sales director Steve Braithwaite.
The Taunton business employs around 250 people and has an annual turnover of £25 million. The company is the UK’s leading producer of chocolate fudge cake but also has a broad range of other sweets. Formed in 1865 by renowned sweet entrepreneur William Tanner Maynard, the firm has reportedly experienced significant growth in recent years.
The previous owner, listed food producer Greencore plc, put Ministry of Cake up for sale four months ago and the internal buyout is thought to have been for an upfront cash consideration of £8 million and a deferred consideration of up to £3 million. The private equity provider LDC, which is part of the Lloyds Banking Group, backed the MBO.
The company produces more than two million slices of cake every week, with its clients including Pizza Hut, Hard Rock Café and Café Nero, as well as a number of pub chains.
Chris Ormrod said: “LDC’s investment brings additional strategic input and financial backing to our business and will help us to deliver ambitious growth plans.
“As well as increasing the pace of organic growth and building on our position within our core UK market, we are keen to pursue appropriate acquisition opportunities here in the UK and in related product areas.”
______________________________________________________________________
Related information:
Business acquisition funding
Business valuation methods
Once a thriving online garden centre started in 2018, after an internal dispute the business stopped trading in 2022. In a space of just 3 years the business achieved £500k in turnover. This is a perfect opportunity for someone looking for a new...
Presenting an opportunity to acquire a very profitable plumbers and heating merchants business operating nationwide.
Popular and well-regarded Sushi and Ramen restaurant and takeaway, which is situated in a prime city centre location in Norwich. The premises are set over three floors and are presented to an extremely high standard throughout and offers the opportun...
LEASEHOLD
26
|
Apr
|
Major double glazing firm Everest enters administration | ADMINISTRATION
Everest, one of the largest providers of double-glazing in t...
26
|
Apr
|
Kent-based scientific consultancy sold to US firm | BUSINESS SALE
A4P Consulting Limited, a scientific consultancy company hea...
25
|
Apr
|
Ambulance services provider acquired in pre-pack deal | BUSINESS SALE
Elite Emergency Medical Services Ltd (Elite EMS), an ambulan...
22
|
Aug
|
Private equity firm backs warehouse safety group’s buy and build strategy | BUSINESS NEWS
Private equity firm LDC’s West Midlands team has backe...
05
|
Mar
|
Private equity-backed Onecom completes 9 Group acquisition | BUSINESS SALE
Telecoms and cloud services provider OneCom, which is backed...
16
|
Sep
|
Cheshire-based SRL Traffic Systems completes MBO | MBO/MBI
SRL Traffic Systems, a manufacturer and supplier of portable...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.