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PE firm LongRange buys hedge fund’s Bakkavor stake

Food manufacturing group Bakkavor has made a change to its board after hedge fund Baupost sold its 20.1% stake in the business to private equity investment firm LongRange Capital, according to a report by ShareCast.

Non-executive Director Patrick Cook, Baupost’s nominated representative on the board since the hedge fund’s investment in 2017, is to step down and will be replaced by LongRange representative Robert Berlin, who used to hold a position on the board between 2016 and 2018.

LongRange, which was founded in 2019, holds $1.7bn in AUM and according to a statement by Bakkavor, takes a “longer-term perspective to investing and building middle market businesses through a company-focussed and customer-first philosophy”.

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