Pemberton, a specialist European private debt manager transforming traditional credit markets, backed by one of Europe’s largest insurers, Legal & General Group PLC, has provided financing to support the add-on acquisition of Abergavenny Fine Foods Ltd, a market leader in the UK for retail and food services, by Frostkrone Food Group, backed by private equity firm EMERAM Capital Partners.
Frostkrone, headquartered in Germany specialises in the production and distribution of frozen finger food and snack products. Since its founding in 1997, the company has established itself as an innovative pacesetter in the field of convenience frozen foods. Their diverse product range is available worldwide and the Frostkrone Food Group has several modern production facilities in Germany, France, the UK and the United States.
Abergavenny Fine Foods Ltd is a market leader in UK retail and food service. Based in South Wales, the company employs a total of 200 people at its new factory built in 2016, where they produce finger food and snacks for the frozen and fresh sectors. The company also offers a wide product range in the free-from segment, such as vegan, gluten-free or lactose-free products. Its customers include well-known global food and food service brands and important export markets are Australia, Japan and the USA.
Pemberton supported the acquisition through its Mid-Market Debt strategy. The expansion strengthens Frostkrone Food Group’s international presence and expands its product range.
Nils Weber, Director at Pemberton, says: “The global market for frozen finger food and snacks is fast growing and resilient and Frostkrone Food Group provides industry leading products to its customers. The Abergavenny acquisition is the latest in series of transactions that has made Frostkrone a truly international player and an excellent example of how we support our customers in growing their businesses.”
Matthias Obermeyr Partner at EMERAM Capital Partner, says: “This is the third major cross-border acquisition for Frostkrone that Pemberton has supported in the last two years. Financing a buy-and-build strategy with a single counterpart that buys into our strategy is real value-added and highly appreciated by Frostkrone’s management team as well.”
