Altium advises Enterprise Foods on PE investment
International investment bank Altium has advised Enterprise Foods in securing investment from London-based private equity investor Hattington Capital, along with funding support from Clydesdale and Yorkshire Bank.
Enterprise Foods is a UK technology enabled supplier of a wide range of craft bakery and other food products. The company’s national supplier coverage enables it to provide over 35,000 product lines, supplied to its customers by more than 400 accredited supply partners.
The deal follows the management buyout led by Tony Moloney, chief executive of Enterprise Foods, seven years ago.
The team at Altium, comprising managing director Simon Lord, director Chris Hopwood and associate Mark Smith, advised shareholders of Enterprise Foods.
Lord says: “Enterprise Foods is a pioneer in the food industry, offering a unique technology enabled business model that facilitates the daily supply of local and specialised bakery and food produce to its customers on a national scale. Hattington Capital has strong expertise in the retail sector, which will help put the company in touch with a greater number of customers across the UK. We were delighted to work with Tony Moloney and the management team to find a strategic fit for the business which will support them in leading the company through its next phase of growth.”
Moloney says: “We have had a very successful period following the management buyout. Going forward we have chosen to partner with Hattington Capital as we felt the fit with Enterprise Foods and the management of Hattington was excellent and would not only ensure the finance required for the next stage of growth, but would also add strength to the Board of Directors and help with the delivery of the next five year plan.”
James Sheridan of Turner Parkinson led the legal advice to the vending shareholders supported by David Easdown and David Hayes. Grant Thornton provided tax advice led by Karen Levers, with vendor due diligence provided by Chris Stott at KPMG.
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