UK-based private-equity firm Exponent has acquired local desserts brand Gü from Noble Foods.
Following speculation late last week the deal was about to be done, the transaction was confirmed today (17 May). Financial details have not been disclosed.
Pete Utting, managing director at Gü said: “We are excited to be partnering with Exponent on the next stage of Gü’s growth journey. The team has a deep understanding of the food and drink sector and a strong track record in adding value to well-known brands such as Loch Lomond Whisky, Vibrant Foods and Eat Real and Proper and, most notably, returning Quorn to growth and expanding its presence internationally during its ownership of the company between 2011 and 2016.
“Exponent has already committed to a significant investment to further increase capacity at our UK site, which will enable us to meet our future demand from the UK, Europe and the US.”
Noble Foods, one of the UK’s largest suppliers of eggs, acquired the cheesecake-to-soufflé brand in 2010. It was founded in 2003 by owner and managing director James Averdieck.
Duncan Everett, Noble’s CEO, said: “We strongly believe that Exponent has the necessary expertise to grow the Gü business even further, especially increasing its international reach. The sale allows us to invest and grow Noble Foods’ core business and brands”
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Simon Davidson, senior partner at Exponent, said: “We have followed the business for over a decade, having recognised its exceptional brand, great products and strong growth potential. We now look forward to supporting Pete and the team as they deliver its next phase of growth. Building on its success in the UK, we believe Gü has enormous international potential with the opportunity to create a truly global, premium indulgence brand.”
Exponent’s assets in the UK food industry include Vibrant Foods, the Asian cuisine business it formed last year with the merger of TRS Foods and East End Foods. Vibrant Foods has since made a number of acquisitions.
Earlier this year, Exponent acquired a majority stake in UK snacks firm Proper, with plans to form a new business in the sector in combination with an existing local snacks asset, Eat Real.
Exponent owned Quorn for four years, selling the UK-based meat-free supplier in 2015 to Philippines-based food and beverage group Monde Nissin.