Food Innovations Baking Group, a Manchester, UK-based manufacturer of specialist products for the home baking and retail market, has received investment from Canadian-headquartered private-equity firm Ardenton Capital Corp.
The deal, Ardenton’s first in the UK food sector, incorporates the acquisition of Doric Cake Crafts, Doric Crimped, Doric FPD and Food Innovations.
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The terms of the deal, described as a “strategic partnership,” are undisclosed.
Founded in 2004, Food Innovations now has more than 250 employees across five sites and reports revenues in excess of GBP34m (US$42.6m).
The business has grown through acquisitions, as well as investment in new technologies that support the delivery of cake craft, decorations, cake boards and packaging products to market.
Ardenton said it will work closely with the management team, made up of Bruce Murray, group finance director, Simon Woodhouse, group operations director and Robert Brace, who is sales and commercial director.
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By GlobalDataThe co-founders, Peter and Robert Ward, will exit the baking group business but will retain ownership of Doric Anderton.
Michael Bradbury, director of Ardenton UK, said: “Food Innovations is an impressive business which is really innovating within its sector. Over the last few years the company has delivered strong organic growth, while successfully integrating complementary acquisitions and we confidently back the management team to push the business through its next phase of growth.
“Further investment into new product development will form a key part of the strategy. Ardenton believes that Food Innovations is the ideal partner for its first step into the UK food sector, a key strategic vertical for the business. Going forward, the team will continue to consider other attractive acquisition opportunities in this space.”
Brace at Food Innovations said: “Ardenton shared our vision for the future expansion of the group. Their company ethos and personal approach made them the ideal choice. We are confident that their wealth of experience and ambition match our own. The partnership with Ardenton will enable the company to pursue new opportunities for innovation, acquisition and growth.”
