UK organic baby food business Plum Baby has become the latest company to be acquired by a private-equity firm after it agreed a GBP10m (US$14.6m) takeover.
Darwin Private Equity has snapped up Plum Baby, which was set up in 2006 and sells to customers including Sainsbury’s, Waitrose and Tesco.
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Founder Susie Wills will remain with the business as creative director, although chief executive Patrick Cairns is set to leave the company once the deal is completed.
Former Dairy Crest, Northern Foods and Mars Inc. executive Paul Kaye will replace Cairns as chief executive.
Wills said she was “looking forward” to working with Darwin to “realise the full potential of the business”.
She added: “It was clear from the first meeting that Darwin shared our passion and vision for the business.”
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By GlobalDataIn 2007, Plum attracted investment from venture capital trusts, now held by private-equity firm Beringea and investment funds Octopus and Foresight. Darwin will become the sole shareholder.
In recent weeks, the food sector has seen a resurgence in private-equity investment, including the acquisitions of UK discount retailer Poundland and of herbs supplier Barts Spices.
