Food Group Newsletter

www.rollits.com www.rollits.com Page 5 Page 6 www.rollits.com January 2011 Month by month guide to mergers and acquisitions continued… Rollits’ food deals News bites Rollits’ lunches Food Group Newsletter It was announced that German yogurt IK Investment Partners bought a majority Spain’s Ebro Foods bought the rice division Since the Ainsley’s of Leeds deal prove great success company Müller had built up a stake of just stake in France’s largest own-label salty of SOS for EUR195m. completed with both Cooplands over 3% in UK-listed Dairy Crest, whilst snacks maker, Snacks International, from (Doncaster) and Cooplands (Scarborough) Rollits has been delighted to use Unilever put up for sale it sauce brands the Caillavet family in a deal said to be Orkla Brands put its Norwegian fresh bakery early in the year, Rollits has been involved its dining facilities in Hull to host Ragu and Chicken Tonight . worth EUR115m. business, Bakers, up for sale. in the following food transactions in special events for invited guests recent months: Hoping for a happier 2011 Norwegian company Norpol, with interests Tough times for independent greengrocers November was brought to a rousing and two of the business lunches January 2011 in Poland, acquired Maryport fish were reinforced by Bristol-based Stokes, conclusion with KKR leading a $5bn January 2011 • Rollits’ Managing Partner, Richard Field, in 2010 featured speakers with Best wishes for the New Year to all the clients, friends and contacts of Rollits’ Food Group. processor Brookside Products. with 17 stores, calling in an administrator. agreed acquisition of food and pet advised Hedon Salads, a UK glasshouse strong food connections. After a truly tumultuous last year, we look forward to 2011 with renewed optimism and products business Del Monte Foods in grower and supplier of fresh produce, the thought that things generally can only get better! Cooplands (Doncaster) added to its Nevertheless there is still an appetite to one of the biggest leveraged buy-out on its merger with English Village Salads On 2 July Peter De Braal, a Vice acquisition of Ainsleys of Leeds earlier this invest with Marine Harvest spending £12m deals in the US this year. (EVS), part of the Bakkavör Group. The President of Cargill, the US’s largest In the latest edition of the Rollits Food Group Newsletter we cover all the major food year by acquiring retail bakery shops from to expand its Lochailort salmon farm and private corporation, spoke to a number Food Group Newsletter Food Group Newsletter new shareholding structure comprises and drink deals in the UK, together with some of the highlights from around the world, Sparks Confectioners in Bradford Tomlinson’s Dairies building the biggest Malvern-based Westbridge Foods bought Bakkavör, Hedon Salads and Growco, a of Yorkshire and Humber family since March of last year. We have also covered the food deals Rollits were involved in Kent importer BRI-TAL. (see Rollits’ food deals). dairy processing plant in Wales at Wrexham. producer organisation based in businesses about the company, its during 2010. Because of the number of transactions in our month by month guide we Yorkshire. The new enlarged EVS will values and its ethos. have reduced our other news coverage, but we have briefly flagged up some interesting Scotland’s Produce Investments, better October 2010 manage the combined packing and developments in our ‘News bites’ section. known for potato supplier Greenvale, On 8 October Lord Christopher Haskins, Coca-Cola closed the acquisition of the marketing business and, as part of the announced a flotation on AIM to raise £15m. former Chairman of Northern Foods plc, Coca-Cola Enterprises (CCE) North new joint venture, Hedon Salads will The latest grocery figures from Kantar addressed senior executives in the food America business for $12.3bn, whilst continue to operate as a large scale Worldpanel for the 12 weeks to 28 industry about ‘Risks and opportunities in selling the company’s Norway and Sweden November 2010 grower of a range of salad products. November 2010 showed grocery price 2010 – The year the big guns really went global bottling operations to CCE for $822m. Lion Capital bought Bumble Bee Foods, inflation falling to 2.8%, with Tesco’s the food chain – 2010 and beyond’. North America’s leading supplier of The worldwide economic crisis of the previous couple of years had caused a drying-up of M&A activity • Steve Trynka, Rollits’ Senior Partner, market share up slightly year-on-year at It was reported that Iceland CEO and shelf-stable seafood, from Centre Another event which proved a great advised Cranswick plc on establishing 30.7%, Asda flat at 17.0%, Sainsbury’s up across the globe, but 2010 saw a major resurgence of interest in growth through acquisition. The founder Malcolm Walker had tabled a Partners Management. success in 2010 was the Food & Drink a joint venture with supermarket strongly to 16.4% but Morrisons down a overwhelming conclusion from our review of deals in the year is that the big multinationals dominated MBO offer to take control of the frozen Sector lunch which Rollits co-hosted with group Morrisons for the production touch at 12.0%. Biggest growth came at food retailer at a value of £1bn, but the Fane Valley Co-operative Society Barclays Corporate, which attracted a the M&A scene, with Lactalis, Danone, Marfrig, Hain Celestial, Ralcorp, Kerry, Emmi and General Mills of cooked meats. Waitrose, up 9.4% on the previous year Icelandic owners had rejected the offer. announced the sale of its liquid milk full house of food companies to Barclays’ among the international companies involved in multiple deals around the world. Although engaged in to 4.1%. operation to Dale Farm, resulting in the • Nasim Sharf, one of Rollits’ corporate Humber Quays offices in Hull on 14 May. some food deals, it was surprising that Nestlé and Unilever appeared to be less active. Also reported was the possible sale of closure of its Newry site. partners, advised Cooplands of Tangerine Confectionery with sales over • Rollits follows EU protected Doncaster on the acquisition of retail There is no doubt that the major food Del Monte Foods and Wimm-Bill-Dann £150m by Growth Capital Partners. Premier Foods disclosed that it was in talks designations of origin and protected bakery shops from Sparks Confectioners players want to become bigger and Foods to name just some of the more with Mitsubishi-owned Princes over the sale December 2010 geographical indications closely. It in Bradford. Cooplands’ Executive Information geographically broader, but at the eye-catching deals. Gimv concluded a co-investment in of Premier’s canning sites at Wisbech and Privet Capital acquired Polestar Foods, was interesting to see Yorkshire Chairman Chris Peck commented: “The same time more focused in their Belgian Eden Chocolates, with the Long Sutton. securing the future of the former Heinz Forced Rhubarb enter the register of If you have any queries on any articles in this newsletter please contact: product sectors. In the UK the M&A picture has been chocolatier receiving EUR7m to fund frozen desserts factory at Okehampton, but stores are in high footfall locations and PDOs in March 2010 and become the Julian Wild on +44 (0) 1482 337304 or more subdued with speculation far expansion in China. 51-strong Spar convenience store not preventing its sister site at Leamington the heritage and family culture of Sparks 41st protected British food. The email [email protected] There has also been an emergence of exceeding the number of completed chain Botterills was sold to Scotmid Spa falling into administration. fits seamlessly with our own business, Cornish Pasty is currently waiting for This newsletter is for the use of clients Leading UK cash & carry wholesaler Co-operative. which has been in retail baking for new buyers, particularly from the Far deals, but the proposed merger of final approval of PGI status. and will be supplied to others on request. East, with companies such as Bright Greencore and Northern Foods to Booker announced the purchases of fine PepsiCo announced its plans to buy Russia’s almost 80 years”. It is for general guidance only. It provides food supplier Ritter-Courivaud for £14.5m Grupo Bimbo acquired the North leading dairy business Wimm-Bill-Dann useful information in a concise form. Food Group, Bangkok Ranch and Thai create a leading force in chilled • Dutch food company Unilever has and on-trade wholesaler Classic Drinks American bakery business of Sara Lee for Foods in a deal worth $5.4bn and became • Rollits’ Corporate Finance Partner, Julian Action should not be taken without Union Frozen Products seen actively in convenience foods was particularly declared that Slim.Fast, the brand name for £4m. $959m, whilst Sara Lee agreed to buy the controlling shareholder in Californian Wild, advised Northern Foods plc on its obtaining specific advice. We hope you the marketplace. noteworthy. Question marks remain for its popular weight management have found this newsletter useful. If, Café Damasco, a coffee business in coconut water business ONE. successful sale of the Dalepak business over a number of other quoted food product, is not under threat of being however, you do not wish to receive French private label biscuit maker Southern Brazil. to Irish Food Processors Group, one of further mailings from us, please write to 2010 saw some very chunky transactions plcs and more activity is expected. Biscuits Poult bought Polish counterpart Premier Foods announced that talks on the Europe’s leading meat processing construed as an unauthorised health Mrs. Pat Coyle, Rollits, Wilberforce Court, with the sales of Cognis, Burger King, Lidier SKG. Carrefour sold its Thai business to Casino’s sale of its Quorn meat-free business were companies, in a deal worth £6.4 million. claim under the EU’s 2006 nutrition High Street, Hull HU1 1YJ. The private equity firms interested in Big C for EUR868m. at an advanced stage. Dalepak is a leading UK manufacturer of and health claims regulation. The law is stated as at 15 December 2010. food have healthy funds and have been Ultimately it is for the European Food branded and private label frozen Hull Office actively looking both to buy and sell, with In one of the most interesting deals of Greencore followed up its proposed grillsteaks, burgers, crispbakes and Safety Authority (EFSA) to decide. Wilberforce Court, High Street, Lion Capital and PAI Partners very much the year Northern Foods and Greencore merger with Northern Foods by vegetable-based meat free products at Hull HU1 1YJ to the fore. Interestingly, private equity announced a 50/50merger to create Tel +44 (0)1482 323239 announcing the purchase of Boston Leeming Bar in North Yorkshire. • In July 2010 the UK government firms such as Langholm and Darwin have Essenta Foods to be resident in Ireland. sandwich maker On A Roll to add to its announced that the Food Standards York Office been willing to do smaller deals in niche, Julian Wild, Rollits’ Corporate existing US ‘food to go’ facilities in Agency (FSA) would retain its food Rowntree Wharf, Navigation Road, York Lactalis made a pre-emptive strike on YO1 9WE branded categories. Finance Partner, with James and Newburyport and Cincinnati. safety remit but would in England lose France’s yogurt business Yoplait, owned Tel +44 (0)1904 625790 Kate Mackenzie of The Pipe and its responsibility for nutrition policy (to equally by PAI Partners and Sodiaal, with a www.rollits.com There was the usual round of peripheral Up to 170 employees were expected to be the Department of Health) and country Glass Inn at South Dalton, near EUR1.4bn bid ahead of a formal tender made redundant at Bakkavör’s Bourne factory closures in the UK and a number of origin labelling (to Defra). Regulated by the Solicitors Regulation Beverley. James was the 2010 process. But the offer was swiftly rejected. Prepared Produce site in Lincolnshire. Authority under number 54472 of small companies going into administration, but generally less than winner of the Champion Award, • In November 2010 drinks company Rollits is a trading name of Rollits LLP. General Mills announced the sale of its GlaxoSmithKline agreed to buy sports Rollits LLP is a limited liability partnership, expected as the banks held back. sponsored by Rollits, at the Croissant King and Van den Bergh’s frozen nutrition company Maxinutrition from Innocent, part-owned by Coca-Cola, registered in England and Wales, Remarkably few food businesses going annual deliciouslyorkshire food bakery business in Australia to Kerry Darwin Private Equity for £162m. lost its claim for a refund of VAT when registered number OC 348965, registered into administration ceased trading Group. In the same month General Mills a tax tribunal ruled that its fruit office Wilberforce Court, High Street, Hull awards at Rudding Park, near HU1 1YJ. altogether, most springing back to life acquired Dean Foods’ Mountain High Malton-based hotdog maker Westler smoothies were a VATable ‘beverage’ under another guise. Caution is still the Harrogate, on 8 November 2010. Yogurt business in Colorado. Foods went into administration and not a VAT-free ‘liquefied fruit A list of members’ names is available for Julian also acted as a judge in inspection at our offices. We use the term name of the game, but there are signs salad’, as contended by the company. ‘partner’ to denote members of Rollits LLP. that confidence is returning. several of the award categories. www.rollits.com www.rollits.com Page 2 Page 4 Month by month guide to Month by month guide to mergers and acquisitions mergers and acquisitions North American brewer Molson Coors Leading UK soft drinks maker Britvic bought Roberts Bakery purchased Aldreds the July 2010 After much speculation, Unilever finally Middlesborough snacks business Baked acquired a 51% stake in a new JV with France’s leading independent soft drinks Baker after owners D&G Food Group went sold its Findus Italy frozen foods Snacks Company, formerly owned by Ending more than 130 years in sugar, Tate & Hebei Si’hai Beer Company of China for group Fruité Enterprises in a deal valued into administration a little over a year after business to Birds Eye Iglo for £681m, Zetar and headed by Mobeen Mehdi, Lyle sold its European refining business, a cash investment of $40m. at just over £200m. acquiring five bakery businesses from beating off strong competition from Lion went into administration. Month by month guide to including the Lyle’s Golden Syrup factory in McCambridge Group. In October Roberts Capital’s Findus Group. But soon after London, to American Sugar Refining for Lincolnshire-based Lincs Turkeys with £23m Danish food ingredients group Chr Hansen, also acquired the central bakery of Chester Lion Capital agreed to buy Picard Isis Equity Partners-owned Enotria £211m. In November Tate & Lyle sold its turnover was sold to leading turkey producer owned by PAI Partners, announced details craft baker P&A Davies. Surgelées from BG Partners for over acquired UK wine distributor, Great molasses business to Belfast grain trader Bernard Matthews Holdings. of its planned IPO to raise $522m. EUR1.3bn. Lion Capital also put noodle Western Wine Company. mergers and acquisitions W&R Barnett for £67m. Another rescue from administration saw chain Wagamama up for sale with a price

January 2011 Piper Private Equity has provided £3m of Moy Park, part of Brazilian food group Scotland’s Fords Bakery bought by tag in excess of £200m. Tiptree jam maker Wilkin & Sons agreed to

Also in sugar, Singapore’s Wilmar January 2011 Northern Foods announced the closure of growth funding to Diet Chef, the home Marfrig, said it was buying Northern Irish Scullions Wholesale Bakery, a subsidiary of buy Great Chesterford Christmas puddings March 2010 International agreed to acquire Sucrogen, its Ethnic Cuisine ready meals factory in delivered diet meals company. chicken and turkey processor O’Kane McGhee Group. But less good news for Leading UK biscuits and snacks business business Coles Traditional Foods. Electra Partners invested EUR10.5m in the sugar and renewable energy division of Swansea after failing to agree supply terms Poultry based in Ballymena with sales Buxton Spa Bakery, which ceased trading United Biscuits, owned by private equity artificial sausage casings business Kalle, Australian company CSR, for $1.5bn. with the site’s major customer, Sainsbury’s. Scottish bakery firm Mathiesons was sold of £140m. Northumberland Foods (formerly Cheviot acquired by Silverfleet Capital in 2009. in July. firms Blackstone and PAI Partners, was put out of administration to newly-formed up for sale with a £2bn valuation, but later Foods) in Amble ceased trading, but the Food Group Newsletter Waitrose made a move into the Channel R&R Ice Cream, owned by Oaktree Capital Mathiesons Foods, formed out of a merger In a major development in the UK grocery Other big deals in the month saw global site was bought in October by Newcastle- Food Group Newsletter Novelty confectionery company Bon Bon Islands with the acquisition of five stores exclusive talks with China’s Bright Food Management, acquired French own label with two other bakery businesses, James market, Asda bought discounter Netto’s UK ingredients supplier Corn Products based Longbenton Foods. Buddies bought boxed chocolate from SandpiperCI. Group broke down. counterpart Rolland from its family owners. Allan Bakers and Murdoch Bakers. business from Dansk Supermarked in a deal companies Kshocolât out of administration International agree to buy National Starch worth £778m, but was later required by the from AkzoNobel for $1.3bn and BASF’s Fast food chain Burger King, formerly together with the Hot Choc brand. The Irish Dairy Board decided to merge its Hatfield-based online retailer Ocado was 2 Sisters Food Group, part of the acquisitive Hedon Salads, a UK glasshouse grower and OFT to sell off 47 stores. EUR3.1bn acquisition of German company owned by Diageo and listed since 2006, was Kerrygold and North Downs Dairy hard floated on the Stock Exchange to Boparan Group, agreed the purchase of the supplier of fresh produce, merged with Cognis, adding functional ingredients to taken private again for $4.1bn by 3G Capital. Acquisitive French dairy company Lactalis cheese businesses to become Adams Foods a mixed reaction and ended trading with Dutch Storteboom Group, which processes English Village Salads, part of the Bakkavör Swiss agri-business Syngenta is acquiring BASF’s animal nutrition. agreed to buy Spanish dairy business with factories at Leek and Wincanton. a value of around £1bn, well down on fresh and frozen poultry products. Group (see Rollits’ food deals). the Maribo Seed sugar beet business from Puleva Food from Ebro Puleva for expectation. September 2010 Nordic Sugar for EUR43m. Ralcorp were busy in June, buying EUR630m. In July Lactalis also bought The Lowestoft factory of burger producer The latest factory closures saw Tayto’s Red Orkla Food Ingredients in Norway acquired Belgian frozen food group PinguinLutosa American Italian Pasta for $1.2bn, two organic yogurt business Rachel’s, owned by Wessex Foods was devastated by fire, MW Brands, owner of John West canned Mills Snack Foods factory at Wednesbury the Netherlands-based Sonneveld Group, announced the takeover of French Seafood company Royal Greenland entered Canadian cracker businesses, North Dean Foods, based near Aberystwyth. resulting in the closure of the site. Shortly tuna, changed hands again when sold by transfer production to Corby , Vion close which is market leader in bread improvers in Co-operative CECAB with a view to a JV with Russian distributor Agama. American Baking and JT Bakeries, and after, the Rotherham factory of Dearne Trilantic Capital Partners to Thai Union its Mytholmroyd bacon factory and the Benelux. expanding in Eastern Europe. then frozen breakfast foods company Glanbia announced it was in discussions to Valley Foods was also badly damaged Frozen Products for £566m. Warburtons close its Newport bakery. Organic cheese supplier Godminster Sepp’s Gourmet Foods. sell its Irish dairy and agri businesses to by fire. New York private equity firm Warburg Pincus In a hectic period of activity, French food acquired Somerset soft cheese maker major shareholder Glanbia Co-operative Nestlé acquired clinical nutrition business Finnish meat company HKScan bought made a EUR80m investment in Polish giant Danone agreed a JV with local milk Daisy & Co. Society in order to focus on international Heinz entered the growing soy sauce Vitaflo, based in Liverpool, with sales Danish poultry processor Rose Poultry restaurant chain AmRest in one of the first co-operative Murray Goulburn to enter the nutritional ingredients and cheese. market in China with the $165m acquisition of £24m, and the following month for up to EUR23.9m. private investment in public equity (PIPE) Australian dairy products market. The Following the collapse into administration of June 2010 of Foodstar. acquired the Guatemala powdered drinks deals in Eastern Europe. following month Danone merged its Russian Leading duck breeder Cherry Valley British Seafood Group in February, Grimsby- Darwin Private Equity bought organic baby business Mahler. CapVest Equity Partners established fresh dairy business with Unimilk and agreed Heineken sold loss-making drinks Farms was sold to Thai duck processor based Five Star Fish was bought by the food supplier Plum Baby, founded by Susie Valeo Foods, in which it will hold Grieg Seafood Hjaltland agreed to buy to buy protein supplement maker Medical wholesaler Waverley TBS to investment Cranwick created a jv with Morrisons for the Bangkok Ranch, controlled by Navis Boparan Group, owners of Harry Ramsden’s. Willis, for £10m. 55%, by combining Origin Foods and Shetland salmon producer Northern Nutrition USA for $62m. In July Danone Capital and Rabobank. firm Manfield Partners and the following production of cooked meats (see Rollits’ newly-acquired Batchelors in a deal Aquaculture with four production sites sold its 23% stake in Huiyan Juice Group in Coca-Cola increased its stake in smoothie AIM-listed agri-business Wynnstay acquired month completed the acquisition of the food deals). worth EUR150m. for £1.8m. China to Hong Kong private equity fund Own label fruit juice and soft drink supplier supplier Innocent to nearly 60%, having 200-year-old Selby-based Woodheads the beer operations of Femsa, producer SAIF for a reported EUR200m and in August Refresco sold a 20% stake to 3i, which had acquired around 18% for £30m last year. Seeds funded by a £4m share placing. of Sol. Vitacress, owned by Portugese RAR Group, C&C Group announced the sale of its August 2010 previously backed a MBO in 2003, in return sold its minority stake in Russian food giant Northern Foods agreed a £6.4m deal to sell agreed the purchase of Van Heyningen spirits and liqeurs division, including for a EUR84m capital injection. In August Swiss dairy company Emmi agreed to buy Wimm-Bill-Dann Foods for EUR470m. In Swiss food group Aryzta announced the Dairy Crest reduced its stake in Irish dairy Leeming Bar-based Dalepak to Irish Food Brothers, the herb production side of Tullamore Dew and Carolans, to scotch Refresco agreed the purchase of Soft Drinks local speciality cheese producer Fromalp November Danone agreed to buy YoCream, purchase of two US bakery companies, company Wexford Creamery from 80% to Processors Group (see Rollits’ food deals). Humber VHB. whisky maker William Grant & Sons for International, a German producer of soft from German company Hochland. In August the leading producer of frozen yogurt in the Fresh Start Bakeries for $900m and Great 30%, whilst farmer-owned Wexford Milk EUR300m. Three of William Grant’s liqueur drinks and water. Emmi purchased US goats cheese supplier US, for $103m. Kitchens for $180m. Producers increased its stake to 70%. Unilever added to its ice cream activities Arla Foods joined First Milk and Milk Link brands were then sold to Gruppo Campari Cypress Grove Chèvre and in December with the purchase of the Danish operations as a shareholder in the Westbury Dairies in September for EUR128.2m. Swiss food company Huegli announced the Carr’s Milling Industries acquired two Sunfresh Bakers was bought out of added Le Petit Chevrier. Emmi also In the month deals came thick and fast in of Diplom-Is. JV in Wiltshire. sale of its Czech chocolate spreads Scottish animal feed companies, Scotmin administration by Stephen and Mark acquired Dr Oetker’s Onken yogurt brand Continental Europe with Slovak investment Manchester cake maker Martins Foods business acquired in 1999. fund Penta acquiring Hungarian meat Nutrition and AC Burn, from Buccleuch Taylor and continued to trade as Taylors later in the year. Hotel Chocolat raised £3.7m to fund Kerry Group announced its offer for Cork- Entrepreneur Luke Johnson bought a bought Southport craft baker Mellors out processor Kaiser, Belgian margarine Country for £5.6m. In September it followed the Bakers. expansion through an innovative based Newmarket Co-operative majority stake in the North West restaurant of administration. company Vandemoortele buying a fats up with Forsyths of Wooler. Northern Irish fresh-cut fruit processor ‘chocolate bond’. Creameries of £27m and acquired chain Ego from LDC. Mr Johnson’s Risk Finance Wales invested £250k alongside Orchard County Foods bought Wilson’s business from Van Dijk and Spain’s Pasta Lancashire-based infused oils maker Capital Partners was also reported to be Due to competition fall-out from the bank funding in bakery business Just Love Country’s stake in the Simply Fruit May 2010 Gallo buying a 25% stake in Czech Greencore announced the sale of its SpringThyme. In October Kerry acquired seeking a buyer for its 24% stake in fish Cadbury takeover, Kraft had to sell its Food Company. joint venture. Langholm Capital backed the MBO of Barts company Europasta. Dutch-based convenience food business California-based ingredients company supplier Seafood Holdings. Wedel business in Poland to Asian Spices led by chief executive Matthew Shaw to private equity group Parcom. Agilex Flavors. Warburtons bought the Newburn baking Pershore-based vegetable producer Simms with debt funding from HSBC. One of the most significant deals of the confectionery company Lotte Group. Balmakeith-based Claymore Dairies, This was followed in July by Kraft selling plant in Newcastle of North East Bakery, & Woods called in administrators, with the month saw Brazil’s Marfrig acquire Keystone Morrisons increased its involvement in Alfesca, best known for its seafood formerly owned by Arla Foods, has been Kandia-Excelent in Romania which went into administration at the end packhouse being sold to Sandfield Farm. First Milk proceeded with the closure of its Foods, the largest private meat products food manufacturing by acquiring packaged interests, completed the acquisition of bought from management by Scotland’s to Oryxa Capital. of 2009. Rothesay Creamery on the Isle of Bute company in the US, for $1.26bn. vegetable business Simply Fresh Foods, French frozen bakery group Brossard. leading independent dairy company, The reshaping of ingredients company with the loss of 19 jobs. based in Worsley. Graham’s The Family Dairy. Bakkavör sought to put its financial Glanbia was set to continue with the US group Hain Celestial added to its US ingredients company Newly Weds Swiss bakery group Aryzta bought out 50-50 Foods acquired UK coatings specialist problems in the past by revealing a EUR300m sale of its Irish dairy and agri Chesterfield-based wines and spirits Luton sandwich business in the UK by Mitchells & Butlers sold 52 of its budget partner Tim Hortons from its Maidstone Cargill agreed to buy the tomato sauce Witwood Food Products in Banbury. refinancing deal with its lenders. business to Glanbia Cooperative Society company Global Brands acquired premium buying Churchill Food Products, resulting hotels, mostly to Prupim, part of Prudential. Bakeries JV in Ontario for £290m. and paste business of Unilever in Brazil for only for Co-op shareholders to reject the drinks agency Inspirit Brands. in the closure of the Nottingham site. Hain R$600m, whilst a George Weston Bakery group Lantmannen Unibake plan the following month. Celestial also bought the Highland Game acquired Chesterfield- Leading Italian pasta company Barilla subsidiary acquired Keystone Bakery April 2010 announced the purchase of the remaining Felix Abba, owned by Norwegian group World Gourmet Marketing snacks based meat supplier Rick Bestwick and announced the sale of Germany’s largest Holdings, a supplier of frozen baked ADM Global announced the closure of its shares in Bakehouse, the UK supplier of Raven Patisserie was bought by conserve- Orkla, announced the purchase of business and the following month The Scottish Salmon Company bought retail bakery brand, Kamps, to Equity goods, for nearly $185m. Hull cocoa site with the loss of 100 jobs and pastries and baked products in which it maker Wilkin & Sons and will be known in Estonian confectionery company Kalev followed up with Washington yoghurt West Minch Salmon with 11 sites in the Capital Management. moved production overseas. bought a majority stake last year. future as Tiptree Patisserie. Chocolate Factory. business 3 Greek Gods. Outer Hebrides. Continued overleaf… www.rollits.com www.rollits.com Page 5 Page 6 www.rollits.com January 2011 Month by month guide to mergers and acquisitions continued… Rollits’ food deals News bites Rollits’ lunches Food Group Newsletter It was announced that German yogurt IK Investment Partners bought a majority Spain’s Ebro Foods bought the rice division Since the Ainsley’s of Leeds deal prove great success company Müller had built up a stake of just stake in France’s largest own-label salty of SOS for EUR195m. completed with both Cooplands over 3% in UK-listed Dairy Crest, whilst snacks maker, Snacks International, from (Doncaster) and Cooplands (Scarborough) Rollits has been delighted to use Unilever put up for sale it sauce brands the Caillavet family in a deal said to be Orkla Brands put its Norwegian fresh bakery early in the year, Rollits has been involved its dining facilities in Hull to host Ragu and Chicken Tonight . worth EUR115m. business, Bakers, up for sale. in the following food transactions in special events for invited guests recent months: Hoping for a happier 2011 Norwegian company Norpol, with interests Tough times for independent greengrocers November was brought to a rousing and two of the business lunches January 2011 in Poland, acquired Maryport fish were reinforced by Bristol-based Stokes, conclusion with KKR leading a $5bn January 2011 • Rollits’ Managing Partner, Richard Field, in 2010 featured speakers with Best wishes for the New Year to all the clients, friends and contacts of Rollits’ Food Group. processor Brookside Products. with 17 stores, calling in an administrator. agreed acquisition of food and pet advised Hedon Salads, a UK glasshouse strong food connections. After a truly tumultuous last year, we look forward to 2011 with renewed optimism and products business Del Monte Foods in grower and supplier of fresh produce, the thought that things generally can only get better! Cooplands (Doncaster) added to its Nevertheless there is still an appetite to one of the biggest leveraged buy-out on its merger with English Village Salads On 2 July Peter De Braal, a Vice acquisition of Ainsleys of Leeds earlier this invest with Marine Harvest spending £12m deals in the US this year. (EVS), part of the Bakkavör Group. The President of Cargill, the US’s largest In the latest edition of the Rollits Food Group Newsletter we cover all the major food year by acquiring retail bakery shops from to expand its Lochailort salmon farm and private corporation, spoke to a number Food Group Newsletter Food Group Newsletter new shareholding structure comprises and drink deals in the UK, together with some of the highlights from around the world, Sparks Confectioners in Bradford Tomlinson’s Dairies building the biggest Malvern-based Westbridge Foods bought Bakkavör, Hedon Salads and Growco, a of Yorkshire and Humber family since March of last year. We have also covered the food deals Rollits were involved in Kent importer BRI-TAL. (see Rollits’ food deals). dairy processing plant in Wales at Wrexham. producer organisation based in businesses about the company, its during 2010. Because of the number of transactions in our month by month guide we Yorkshire. The new enlarged EVS will values and its ethos. have reduced our other news coverage, but we have briefly flagged up some interesting Scotland’s Produce Investments, better October 2010 manage the combined packing and developments in our ‘News bites’ section. known for potato supplier Greenvale, On 8 October Lord Christopher Haskins, Coca-Cola closed the acquisition of the marketing business and, as part of the announced a flotation on AIM to raise £15m. former Chairman of Northern Foods plc, Coca-Cola Enterprises (CCE) North new joint venture, Hedon Salads will The latest grocery figures from Kantar addressed senior executives in the food America business for $12.3bn, whilst continue to operate as a large scale Worldpanel for the 12 weeks to 28 industry about ‘Risks and opportunities in selling the company’s Norway and Sweden November 2010 grower of a range of salad products. November 2010 showed grocery price 2010 – The year the big guns really went global bottling operations to CCE for $822m. Lion Capital bought Bumble Bee Foods, inflation falling to 2.8%, with Tesco’s the food chain – 2010 and beyond’. North America’s leading supplier of The worldwide economic crisis of the previous couple of years had caused a drying-up of M&A activity • Steve Trynka, Rollits’ Senior Partner, market share up slightly year-on-year at It was reported that Iceland CEO and shelf-stable seafood, from Centre Another event which proved a great advised Cranswick plc on establishing 30.7%, Asda flat at 17.0%, Sainsbury’s up across the globe, but 2010 saw a major resurgence of interest in growth through acquisition. The founder Malcolm Walker had tabled a Partners Management. success in 2010 was the Food & Drink a joint venture with supermarket strongly to 16.4% but Morrisons down a overwhelming conclusion from our review of deals in the year is that the big multinationals dominated MBO offer to take control of the frozen Sector lunch which Rollits co-hosted with group Morrisons for the production touch at 12.0%. Biggest growth came at food retailer at a value of £1bn, but the Fane Valley Co-operative Society Barclays Corporate, which attracted a the M&A scene, with Lactalis, Danone, Marfrig, Hain Celestial, Ralcorp, Kerry, Emmi and General Mills of cooked meats. Waitrose, up 9.4% on the previous year Icelandic owners had rejected the offer. announced the sale of its liquid milk full house of food companies to Barclays’ among the international companies involved in multiple deals around the world. Although engaged in to 4.1%. operation to Dale Farm, resulting in the • Nasim Sharf, one of Rollits’ corporate Humber Quays offices in Hull on 14 May. some food deals, it was surprising that Nestlé and Unilever appeared to be less active. Also reported was the possible sale of closure of its Newry site. partners, advised Cooplands of Tangerine Confectionery with sales over • Rollits follows EU protected Doncaster on the acquisition of retail There is no doubt that the major food Del Monte Foods and Wimm-Bill-Dann £150m by Growth Capital Partners. Premier Foods disclosed that it was in talks designations of origin and protected bakery shops from Sparks Confectioners players want to become bigger and Foods to name just some of the more with Mitsubishi-owned Princes over the sale December 2010 geographical indications closely. It in Bradford. Cooplands’ Executive Information geographically broader, but at the eye-catching deals. Gimv concluded a co-investment in of Premier’s canning sites at Wisbech and Privet Capital acquired Polestar Foods, was interesting to see Yorkshire Chairman Chris Peck commented: “The same time more focused in their Belgian Eden Chocolates, with the Long Sutton. securing the future of the former Heinz Forced Rhubarb enter the register of If you have any queries on any articles in this newsletter please contact: product sectors. In the UK the M&A picture has been chocolatier receiving EUR7m to fund frozen desserts factory at Okehampton, but stores are in high footfall locations and PDOs in March 2010 and become the Julian Wild on +44 (0) 1482 337304 or more subdued with speculation far expansion in China. 51-strong Spar convenience store not preventing its sister site at Leamington the heritage and family culture of Sparks 41st protected British food. The email [email protected] There has also been an emergence of exceeding the number of completed chain Botterills was sold to Scotmid Spa falling into administration. fits seamlessly with our own business, Cornish Pasty is currently waiting for This newsletter is for the use of clients Leading UK cash & carry wholesaler Co-operative. which has been in retail baking for new buyers, particularly from the Far deals, but the proposed merger of final approval of PGI status. and will be supplied to others on request. East, with companies such as Bright Greencore and Northern Foods to Booker announced the purchases of fine PepsiCo announced its plans to buy Russia’s almost 80 years”. It is for general guidance only. It provides food supplier Ritter-Courivaud for £14.5m Grupo Bimbo acquired the North leading dairy business Wimm-Bill-Dann useful information in a concise form. Food Group, Bangkok Ranch and Thai create a leading force in chilled • Dutch food company Unilever has and on-trade wholesaler Classic Drinks American bakery business of Sara Lee for Foods in a deal worth $5.4bn and became • Rollits’ Corporate Finance Partner, Julian Action should not be taken without Union Frozen Products seen actively in convenience foods was particularly declared that Slim.Fast, the brand name for £4m. $959m, whilst Sara Lee agreed to buy the controlling shareholder in Californian Wild, advised Northern Foods plc on its obtaining specific advice. We hope you the marketplace. noteworthy. Question marks remain for its popular weight management have found this newsletter useful. If, Café Damasco, a coffee business in coconut water business ONE. successful sale of the Dalepak business over a number of other quoted food product, is not under threat of being however, you do not wish to receive French private label biscuit maker Southern Brazil. to Irish Food Processors Group, one of further mailings from us, please write to 2010 saw some very chunky transactions plcs and more activity is expected. Biscuits Poult bought Polish counterpart Premier Foods announced that talks on the Europe’s leading meat processing construed as an unauthorised health Mrs. Pat Coyle, Rollits, Wilberforce Court, with the sales of Cognis, Burger King, Lidier SKG. Carrefour sold its Thai business to Casino’s sale of its Quorn meat-free business were companies, in a deal worth £6.4 million. claim under the EU’s 2006 nutrition High Street, Hull HU1 1YJ. The private equity firms interested in Big C for EUR868m. at an advanced stage. Dalepak is a leading UK manufacturer of and health claims regulation. The law is stated as at 15 December 2010. food have healthy funds and have been Ultimately it is for the European Food branded and private label frozen Hull Office actively looking both to buy and sell, with In one of the most interesting deals of Greencore followed up its proposed grillsteaks, burgers, crispbakes and Safety Authority (EFSA) to decide. Wilberforce Court, High Street, Lion Capital and PAI Partners very much the year Northern Foods and Greencore merger with Northern Foods by vegetable-based meat free products at Hull HU1 1YJ to the fore. Interestingly, private equity announced a 50/50merger to create Tel +44 (0)1482 323239 announcing the purchase of Boston Leeming Bar in North Yorkshire. • In July 2010 the UK government firms such as Langholm and Darwin have Essenta Foods to be resident in Ireland. sandwich maker On A Roll to add to its announced that the Food Standards York Office been willing to do smaller deals in niche, Julian Wild, Rollits’ Corporate existing US ‘food to go’ facilities in Agency (FSA) would retain its food Rowntree Wharf, Navigation Road, York Lactalis made a pre-emptive strike on YO1 9WE branded categories. Finance Partner, with James and Newburyport and Cincinnati. safety remit but would in England lose France’s yogurt business Yoplait, owned Tel +44 (0)1904 625790 Kate Mackenzie of The Pipe and its responsibility for nutrition policy (to equally by PAI Partners and Sodiaal, with a www.rollits.com There was the usual round of peripheral Up to 170 employees were expected to be the Department of Health) and country Glass Inn at South Dalton, near EUR1.4bn bid ahead of a formal tender made redundant at Bakkavör’s Bourne factory closures in the UK and a number of origin labelling (to Defra). Regulated by the Solicitors Regulation Beverley. James was the 2010 process. But the offer was swiftly rejected. Prepared Produce site in Lincolnshire. Authority under number 54472 of small companies going into administration, but generally less than winner of the Champion Award, • In November 2010 drinks company Rollits is a trading name of Rollits LLP. General Mills announced the sale of its GlaxoSmithKline agreed to buy sports Rollits LLP is a limited liability partnership, expected as the banks held back. sponsored by Rollits, at the Croissant King and Van den Bergh’s frozen nutrition company Maxinutrition from Innocent, part-owned by Coca-Cola, registered in England and Wales, Remarkably few food businesses going annual deliciouslyorkshire food bakery business in Australia to Kerry Darwin Private Equity for £162m. lost its claim for a refund of VAT when registered number OC 348965, registered into administration ceased trading Group. In the same month General Mills a tax tribunal ruled that its fruit office Wilberforce Court, High Street, Hull awards at Rudding Park, near HU1 1YJ. altogether, most springing back to life acquired Dean Foods’ Mountain High Malton-based hotdog maker Westler smoothies were a VATable ‘beverage’ under another guise. Caution is still the Harrogate, on 8 November 2010. Yogurt business in Colorado. Foods went into administration and not a VAT-free ‘liquefied fruit A list of members’ names is available for Julian also acted as a judge in inspection at our offices. We use the term name of the game, but there are signs salad’, as contended by the company. ‘partner’ to denote members of Rollits LLP. that confidence is returning. several of the award categories. www.rollits.com www.rollits.com Page 5 Page 6 www.rollits.com January 2011 Month by month guide to mergers and acquisitions continued… Rollits’ food deals News bites Rollits’ lunches Food Group Newsletter It was announced that German yogurt IK Investment Partners bought a majority Spain’s Ebro Foods bought the rice division Since the Ainsley’s of Leeds deal prove great success company Müller had built up a stake of just stake in France’s largest own-label salty of SOS for EUR195m. completed with both Cooplands over 3% in UK-listed Dairy Crest, whilst snacks maker, Snacks International, from (Doncaster) and Cooplands (Scarborough) Rollits has been delighted to use Unilever put up for sale it sauce brands the Caillavet family in a deal said to be Orkla Brands put its Norwegian fresh bakery early in the year, Rollits has been involved its dining facilities in Hull to host Ragu and Chicken Tonight . worth EUR115m. business, Bakers, up for sale. in the following food transactions in special events for invited guests recent months: Hoping for a happier 2011 Norwegian company Norpol, with interests Tough times for independent greengrocers November was brought to a rousing and two of the business lunches January 2011 in Poland, acquired Maryport fish were reinforced by Bristol-based Stokes, conclusion with KKR leading a $5bn January 2011 • Rollits’ Managing Partner, Richard Field, in 2010 featured speakers with Best wishes for the New Year to all the clients, friends and contacts of Rollits’ Food Group. processor Brookside Products. with 17 stores, calling in an administrator. agreed acquisition of food and pet advised Hedon Salads, a UK glasshouse strong food connections. After a truly tumultuous last year, we look forward to 2011 with renewed optimism and products business Del Monte Foods in grower and supplier of fresh produce, the thought that things generally can only get better! Cooplands (Doncaster) added to its Nevertheless there is still an appetite to one of the biggest leveraged buy-out on its merger with English Village Salads On 2 July Peter De Braal, a Vice acquisition of Ainsleys of Leeds earlier this invest with Marine Harvest spending £12m deals in the US this year. (EVS), part of the Bakkavör Group. The President of Cargill, the US’s largest In the latest edition of the Rollits Food Group Newsletter we cover all the major food year by acquiring retail bakery shops from to expand its Lochailort salmon farm and private corporation, spoke to a number Food Group Newsletter Food Group Newsletter new shareholding structure comprises and drink deals in the UK, together with some of the highlights from around the world, Sparks Confectioners in Bradford Tomlinson’s Dairies building the biggest Malvern-based Westbridge Foods bought Bakkavör, Hedon Salads and Growco, a of Yorkshire and Humber family since March of last year. We have also covered the food deals Rollits were involved in Kent importer BRI-TAL. (see Rollits’ food deals). dairy processing plant in Wales at Wrexham. producer organisation based in businesses about the company, its during 2010. Because of the number of transactions in our month by month guide we Yorkshire. The new enlarged EVS will values and its ethos. have reduced our other news coverage, but we have briefly flagged up some interesting Scotland’s Produce Investments, better October 2010 manage the combined packing and developments in our ‘News bites’ section. known for potato supplier Greenvale, On 8 October Lord Christopher Haskins, Coca-Cola closed the acquisition of the marketing business and, as part of the announced a flotation on AIM to raise £15m. former Chairman of Northern Foods plc, Coca-Cola Enterprises (CCE) North new joint venture, Hedon Salads will The latest grocery figures from Kantar addressed senior executives in the food America business for $12.3bn, whilst continue to operate as a large scale Worldpanel for the 12 weeks to 28 industry about ‘Risks and opportunities in selling the company’s Norway and Sweden November 2010 grower of a range of salad products. November 2010 showed grocery price 2010 – The year the big guns really went global bottling operations to CCE for $822m. Lion Capital bought Bumble Bee Foods, inflation falling to 2.8%, with Tesco’s the food chain – 2010 and beyond’. North America’s leading supplier of The worldwide economic crisis of the previous couple of years had caused a drying-up of M&A activity • Steve Trynka, Rollits’ Senior Partner, market share up slightly year-on-year at It was reported that Iceland CEO and shelf-stable seafood, from Centre Another event which proved a great advised Cranswick plc on establishing 30.7%, Asda flat at 17.0%, Sainsbury’s up across the globe, but 2010 saw a major resurgence of interest in growth through acquisition. The founder Malcolm Walker had tabled a Partners Management. success in 2010 was the Food & Drink a joint venture with supermarket strongly to 16.4% but Morrisons down a overwhelming conclusion from our review of deals in the year is that the big multinationals dominated MBO offer to take control of the frozen Sector lunch which Rollits co-hosted with group Morrisons for the production touch at 12.0%. Biggest growth came at food retailer at a value of £1bn, but the Fane Valley Co-operative Society Barclays Corporate, which attracted a the M&A scene, with Lactalis, Danone, Marfrig, Hain Celestial, Ralcorp, Kerry, Emmi and General Mills of cooked meats. Waitrose, up 9.4% on the previous year Icelandic owners had rejected the offer. announced the sale of its liquid milk full house of food companies to Barclays’ among the international companies involved in multiple deals around the world. Although engaged in to 4.1%. operation to Dale Farm, resulting in the • Nasim Sharf, one of Rollits’ corporate Humber Quays offices in Hull on 14 May. some food deals, it was surprising that Nestlé and Unilever appeared to be less active. Also reported was the possible sale of closure of its Newry site. partners, advised Cooplands of Tangerine Confectionery with sales over • Rollits follows EU protected Doncaster on the acquisition of retail There is no doubt that the major food Del Monte Foods and Wimm-Bill-Dann £150m by Growth Capital Partners. Premier Foods disclosed that it was in talks designations of origin and protected bakery shops from Sparks Confectioners players want to become bigger and Foods to name just some of the more with Mitsubishi-owned Princes over the sale December 2010 geographical indications closely. It in Bradford. Cooplands’ Executive Information geographically broader, but at the eye-catching deals. Gimv concluded a co-investment in of Premier’s canning sites at Wisbech and Privet Capital acquired Polestar Foods, was interesting to see Yorkshire Chairman Chris Peck commented: “The same time more focused in their Belgian Eden Chocolates, with the Long Sutton. securing the future of the former Heinz Forced Rhubarb enter the register of If you have any queries on any articles in this newsletter please contact: product sectors. In the UK the M&A picture has been chocolatier receiving EUR7m to fund frozen desserts factory at Okehampton, but stores are in high footfall locations and PDOs in March 2010 and become the Julian Wild on +44 (0) 1482 337304 or more subdued with speculation far expansion in China. 51-strong Spar convenience store not preventing its sister site at Leamington the heritage and family culture of Sparks 41st protected British food. The email [email protected] There has also been an emergence of exceeding the number of completed chain Botterills was sold to Scotmid Spa falling into administration. fits seamlessly with our own business, Cornish Pasty is currently waiting for This newsletter is for the use of clients Leading UK cash & carry wholesaler Co-operative. which has been in retail baking for new buyers, particularly from the Far deals, but the proposed merger of final approval of PGI status. and will be supplied to others on request. East, with companies such as Bright Greencore and Northern Foods to Booker announced the purchases of fine PepsiCo announced its plans to buy Russia’s almost 80 years”. It is for general guidance only. It provides food supplier Ritter-Courivaud for £14.5m Grupo Bimbo acquired the North leading dairy business Wimm-Bill-Dann useful information in a concise form. Food Group, Bangkok Ranch and Thai create a leading force in chilled • Dutch food company Unilever has and on-trade wholesaler Classic Drinks American bakery business of Sara Lee for Foods in a deal worth $5.4bn and became • Rollits’ Corporate Finance Partner, Julian Action should not be taken without Union Frozen Products seen actively in convenience foods was particularly declared that Slim.Fast, the brand name for £4m. $959m, whilst Sara Lee agreed to buy the controlling shareholder in Californian Wild, advised Northern Foods plc on its obtaining specific advice. We hope you the marketplace. noteworthy. Question marks remain for its popular weight management have found this newsletter useful. If, Café Damasco, a coffee business in coconut water business ONE. successful sale of the Dalepak business over a number of other quoted food product, is not under threat of being however, you do not wish to receive French private label biscuit maker Southern Brazil. to Irish Food Processors Group, one of further mailings from us, please write to 2010 saw some very chunky transactions plcs and more activity is expected. Biscuits Poult bought Polish counterpart Premier Foods announced that talks on the Europe’s leading meat processing construed as an unauthorised health Mrs. Pat Coyle, Rollits, Wilberforce Court, with the sales of Cognis, Burger King, Lidier SKG. Carrefour sold its Thai business to Casino’s sale of its Quorn meat-free business were companies, in a deal worth £6.4 million. claim under the EU’s 2006 nutrition High Street, Hull HU1 1YJ. The private equity firms interested in Big C for EUR868m. at an advanced stage. Dalepak is a leading UK manufacturer of and health claims regulation. The law is stated as at 15 December 2010. food have healthy funds and have been Ultimately it is for the European Food branded and private label frozen Hull Office actively looking both to buy and sell, with In one of the most interesting deals of Greencore followed up its proposed grillsteaks, burgers, crispbakes and Safety Authority (EFSA) to decide. Wilberforce Court, High Street, Lion Capital and PAI Partners very much the year Northern Foods and Greencore merger with Northern Foods by vegetable-based meat free products at Hull HU1 1YJ to the fore. Interestingly, private equity announced a 50/50merger to create Tel +44 (0)1482 323239 announcing the purchase of Boston Leeming Bar in North Yorkshire. • In July 2010 the UK government firms such as Langholm and Darwin have Essenta Foods to be resident in Ireland. sandwich maker On A Roll to add to its announced that the Food Standards York Office been willing to do smaller deals in niche, Julian Wild, Rollits’ Corporate existing US ‘food to go’ facilities in Agency (FSA) would retain its food Rowntree Wharf, Navigation Road, York Lactalis made a pre-emptive strike on YO1 9WE branded categories. Finance Partner, with James and Newburyport and Cincinnati. safety remit but would in England lose France’s yogurt business Yoplait, owned Tel +44 (0)1904 625790 Kate Mackenzie of The Pipe and its responsibility for nutrition policy (to equally by PAI Partners and Sodiaal, with a www.rollits.com There was the usual round of peripheral Up to 170 employees were expected to be the Department of Health) and country Glass Inn at South Dalton, near EUR1.4bn bid ahead of a formal tender made redundant at Bakkavör’s Bourne factory closures in the UK and a number of origin labelling (to Defra). Regulated by the Solicitors Regulation Beverley. James was the 2010 process. But the offer was swiftly rejected. Prepared Produce site in Lincolnshire. Authority under number 54472 of small companies going into administration, but generally less than winner of the Champion Award, • In November 2010 drinks company Rollits is a trading name of Rollits LLP. General Mills announced the sale of its GlaxoSmithKline agreed to buy sports Rollits LLP is a limited liability partnership, expected as the banks held back. sponsored by Rollits, at the Croissant King and Van den Bergh’s frozen nutrition company Maxinutrition from Innocent, part-owned by Coca-Cola, registered in England and Wales, Remarkably few food businesses going annual deliciouslyorkshire food bakery business in Australia to Kerry Darwin Private Equity for £162m. lost its claim for a refund of VAT when registered number OC 348965, registered into administration ceased trading Group. In the same month General Mills a tax tribunal ruled that its fruit office Wilberforce Court, High Street, Hull awards at Rudding Park, near HU1 1YJ. altogether, most springing back to life acquired Dean Foods’ Mountain High Malton-based hotdog maker Westler smoothies were a VATable ‘beverage’ under another guise. Caution is still the Harrogate, on 8 November 2010. Yogurt business in Colorado. Foods went into administration and not a VAT-free ‘liquefied fruit A list of members’ names is available for Julian also acted as a judge in inspection at our offices. We use the term name of the game, but there are signs salad’, as contended by the company. ‘partner’ to denote members of Rollits LLP. that confidence is returning. several of the award categories.