Thu, 07 Jun 2012 | MBO/MBI
Convenience food maker Symington’s has been purchased by its management team and Intermediate Capital Group Plc, from private equity firm Bridgepoint Development Capital.
The purchase is funded by a £75 million package from Royal Bank of Scotland Corporate & Institutional Banking, Lloyds and HSBC.
Symington’s manufactures and supplies branded and own label convenience foods, including Chicken Tonight, Ragu, Campbell’s and Aunt Bessie’s, to Britain’s large food retailers.
The Yorkshire-based manufacturer expanded its wet and dry food product offering after a new management team took over in 2007. Selling 550 lines in 2007, it offers 930 today. Since the new management team began in 2007 Symington’s group revenues have increased by 23 per cent each year.
It recently purchased Ragu and Chicken Tonight from Unilever, and acquired Campbell’s Soups through a joint venture.
“These are tough but exciting times for the grocery market,” David Salkeld, chief executive of Symington’s said. “We want to be sure that Symingon’s continues to play a leading role through category and product innovation and continued investment in its product and retailer brand plans.”
Established in 1827, the firm is also behind the Naked Noodle, Crosse & Blackwell, Ainsley Harriott, Golden Wonder, and Oat Burst Porridge brands.
Previous story - Merger mooted for Premier Foods and Symington's
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