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.”
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