At an extraordinary general meeting, shareholders of cake manufacturer Finsbury Food Group approved the acquisition of the Lightbody Group for a total consideration of GBP37.5m (US$73.47m). The deal, which was originally announced at the end of January, will make Finsbury the market leader in the UK premium cakes sector.
Commenting on the completion of the acquisition, Dave Brooks, chief executive of Finsbury, said: “We can now get back to the exciting world of premium cakes and breads, where our focus on being ‘The Best at What We Do’ will continue to drive innovation and growth in those markets for all our customers. As two separate companies both Lightbody and Finsbury were excellent, and we are now ready to forge an exciting partnership going forward from today.”
Shareholders also approved a number of board appointments. Upon completion of the acquisition, Paul Monk will take up the position of joint deputy chairman of the board while Martin Lightbody and Crawford Currie will join the enlarged company’s board.
Monk joined the company in December 2002, having previously served as CEO of Golden Wonder.
Lightbody is the fourth generation to lead the Lightbody family business. He will remain MD of the Lightbody business until 1 May, at which point he will take on the role of the strategic development director for the enlarged group.
Currie currently serves as finance director of Lightbody, a position that he will retain following completion of the merger.
“On behalf of the board, I would like to welcome Martin and Crawford. Martin’s flair and intuition for future market trends will provide a new range of insights for the group, whilst Crawford’s detailed knowledge of the Lightbody business will add to the strength the group has in its control and forecasting functions,” Lord Saatchi, Finsbury chairman, said. “We are also delighted that Paul will be joining David Marshall as deputy chairman. Together their combined experience will be a huge asset to the company. We look forward to working with them and continuing to drive the group’s growth.”