Partial MBO for 'solid' Peter's Food Service
02 November, 2007
Savoury pastry manufacturer Peter's Food Service was acquired by its management and NBGI Private Equity this week, in a £20 million buyout.
Peter's currently employs 640 staff across two divisions throughout Britain and has an annual turnover of £53 million. It produces more than 100 million pastry products every year at its headquarters in Bedwas, South Wales. Its pies, pasties and sausage rolls are distributed to major supermarkets, stadia and local fish and chip shops all over England and Wales.The buyout follows a series of negotiations that began in February. MD John Griffiths has retired following the deal and a new MD, Mike Grimwood, has been appoin-ted. Grimwood, a former executive at Northern Foods, said: 'The great thing about Peter's is that it's in cracking shape. It's a solid company with a great workforce and we're all really excited about the future. We want 2008 to be about growth and stability - that's why we are planning to launch an exciting new range of sausages and a very special steak and ale pie in collaboration with Fuller's Brewery."The new management team sees David Peek, David Jackson, Steve Jones and David Llewellyn continuing in their respective roles as finance director, technical director, operations director and regional director south. The management team is expected to take significant equity stakes in the business, while NBGI will acquire majority ownership. Griffiths' daughter Judith Griffith Evans has left the firm but his son Justin will take over as foodservice director. The company's foodservice division has developed from a traditional van sales operation into a leading, service-orientated supplier of chilled and frozen foods, with 10 sites around the UK.