LDC, Lloyds Banking Group’s private equity division, has exited its investment in Hill Biscuits to Cerealto UK, a portfolio company of Davidson Kempner Capital Management and Afendis Capital Management.
Financial terms of the transaction are not disclosed.
Hill Biscuits was founded in 1855 by Sarah and John Hill as a small family-run shop. In 1893, it moved into Tudno Mill in Ashton-under-Lyne, Manchester. The company currently serves customers across retail, wholesale and foodservice markets.
LDC first invested in Hill Biscuits in 2017 to support its growth strategy, overseeing investments in new technology to improve manufacturing efficiencies and increase capacity, as well as people development. According to a press statement, Hill Biscuits more than doubled revenues to over £40m in 2024, including reporting sales growth of 44% for last year. It currently employs 350 people.
LDC and Hill Biscuits were advised by Clearwater and Addleshaw Goddard.
