Park Cakes, the UK own-label cake and dessert supplier, has been acquired in a management buy-out from private-equity firm Vision Capital.
The company, which manufactures products for retailers including Tesco, Sainsbury’s, Aldi and Lidl, had been owned by Vision Capital since 2007.
In a statement confirming the deal, Park Cakes said the sale “would not affect its manufacturing sites or current workforce” but “allows chairman Gareth Voyle and the team behind Park Cakes growth to continue to build on the success of recent years”.
Park Cakes said its turnover stood at GBP160m (US$197.5m), which it compared to the GBP110m it was generating in 2013. The company has two plants in north-west England and employs 1,500 staff.
Voyle added: “Park Cakes is a leading supplier of cakes and desserts and is proud to supply the UK’s leading retailers with premium quality products. I would like to pay tribute to our highly skilled and loyal workforce, who remain at the heart of our commitment to grow our company in the years to come.”
The financial details of the management buy-out were not disclosed. A spokesperson for Park Cakes said the company would not be commenting further “as these are very early days” for the business under its new owners.