Houlihan Lokey is pleased to announce the sale of Addo Food Group Limited (Addo), a portfolio company of Vision Capital LLP, to Lloyds Development Capital (LDC). The transaction closed on April 19, 2017.
Houlihan Lokey served as the exclusive financial advisor to Addo and assisted in structuring and negotiating the transaction on their behalf. This deal represents another successful transaction for Houlihan Lokey in the food and beverage industry.
Headquartered in Nottingham, Addo is the UK's leading chilled savoury pastry manufacturer, producing more than 287 million packs of products every year. The business manufactures a range of own-brand and branded products, including sausage rolls, hot pies, slices, pork pies, scotch egg products, and quiches, which it supplies to the UK's leading names in food retail—including all the major supermarkets.
Addo employs more than 2,500 people and operates across six UK sites in Nottingham, Market Drayton, Spalding, Poole, and Shaftesbury. The business was acquired by Vision Capital from Northern Foods in 2007 and traded as Pork Farms Group until 2015 when it changed its name to Addo Food Group. In 2014, the company completed the acquisition of Kerry Foods' chilled savoury pastry operations.
LDC has invested to support Addo's growth strategy, which will include further investment in product innovation, expansion into new markets through organic growth, and potential acquisitions in adjacent markets.