Food Group Focus Food Group Focus October 2012 October 2012 October 2012

Page 5 Page 6 Food Group Focus Food Group Focus October 2012 October 2012 www.rollits.com October 2012

Spectacular summer of sport and some tasty deals too Rollits co-hosts Food Group Focus Rollits’ food deals continued from front page… • Latin America, in particular, remains major food & Also in July, Rollits’ Corporate Partner of particular interest to global players Nasim Sharf worked with Corporate looking for geographical expansion, News bites Finance Partner Julian Wild to help with Brazil top of the South American Rollits’ client Ian McIntosh, the former drink industry Coopland & Son (Scarborough) acquire a shopping list. Vice President - West Division of 50,000 sq ft bakery in County Durham, 22 international edible oils business AAK, conference retail shops and a fleet of retail vans from • Major UK listed companies continue has become Chief Executive of Driving with their important strategic moves. the administrators of Peters Cathedral Results, the RED Driving School franchise Rollits has joined with the world’s Premier Foods managed to satisfy Bakers. The deal saw Cooplands increase business, as part of a buy-out backed by their bankers by pulling off a series of largest privately-owned, independent its retail estate to over 130 shops, as well Kelso Place Asset Management in July. disposals and Dairy Crest exited their insurance broker, Lockton, to host a as cafes, located in Yorkshire, Lincolnshire, French dairy spreads business, whilst Mr McIntosh was advised during the deal major event aimed at the food & drink Teesside and now further into the Greencore added a couple of by Rollits’ Corporate Finance Partner sector. On 23 November 2012 at North East. The acquisition resulted in acquisitions to augment its US food- Nasim Sharf and Rollits’ Head of Hazlewood Castle, Tadcaster, a panel over 200 jobs being saved. Cooplands to-go push. Employment Donna Ingleby. of distinguished speakers will address now has bakeries in Scarborough, Hull the very important issue of Crisis and Durham. • The UK cash & carry scene saw a Management and Reputation Risk in major development with Booker “The appointment of a non-executive the Food & Drink Sector. Among the Managing Director of Cooplands, Paul acquiring Makro, whilst Malcolm director to the board of a family business speakers will be Lord Christopher Coopland, commented; “This is an Walker resumed his ownership of can only be a positive influence”, so Haskins, former Chairman of Northern exciting acquisition. It has safeguarded frozen food retailer Iceland. concluded the panel at KPMG’s Forum on continues to do very well, up near 27% on Foods plc and Government adviser. many jobs in and around Durham and the Family & Business Governance on 1 May. last year. By contrast Morrisons has lost North East and will enable Cooplands to • Latest figures from Kantar Worldpanel The panel included Alastair Macphie, market share in the absence of an online Spectacular summer of sport show that the UK Grocery Market The half-day conference is aimed at Rollits’ Corporate Associate, John continue to expand beyond its existing Chairman and Chief Executive of leading offering and with few convenience outlets. has bounced back into growth at a Managing Directors, Finance Directors Flanagan, advised longstanding client boundaries. We were pleased to work Scottish bakery ingredients business level (over 3%) ahead of grocery and Risk Managers of food companies. and some tasty deals too Cranswick plc on its acquisition of with Rollits. They have provided expert Macphie of Glenbervie. Rollits’ Corporate inflation (now below 3%). Tesco, All the evidence points to more extreme If you would like to be invited, please Kingston Foods, a premium cooked corporate finance and legal advice, as Finance Partner and Head of its Food having lost market share for some weather caused by climate change, contact either Mark Evans at Lockton in After a sensational Summer of sport, it seems almost inconsequential and roast meat producer based in they did on our acquisitions of Skeltons in Group, Julian Wild, and experienced food time, has started to fight back but it is affecting major crops worldwide and Leeds on 0113 2051631 or Julian Wild at to think of anything else which has been going on over the last six Milton Keynes, which was announced in Hull, Ainsleys of Leeds and Woodheads Sainsbury’s which has shown the best industry professional, Terry Stannard, are leading to higher food prices. The latest Rollits on 01482 337304. July. Kingston’s Tony Turner and Paul in Scarborough.” progress along with the discounters. non-executive directors of Macphie. months. Amazingly enough, not everyone has been totally report from Oxfam, ‘Extreme Weather, Williams have continued in their Morrisons and the Co-op are the preoccupied by London 2012 and quite a lot has been happening Extreme Prices: The Costs of Feeding a positions as managing director and principal sufferers. Family and Owner Managed Businesses is across the food & drink sector. Julian Wild, Head of Rollits’ Food Group Warming World’, claims that the full operations director respectively. one of Rollits’ sector specialisms and the • But amidst all the successful deal- firm represents many such businesses impact of climate change on future food Information Despite all the Eurozone uncertainty In this edition we have again reviewed the stories such as Lion Capital’s investment in Cranswick, whose products includes doing, there has been the all-too- across a range of sectors, including food. prices is being underestimated and warns If you have any queries on any articles in and unrelenting gloom around the UK food & drink deals carried out in the UK, Findus Group or Duke Street Capital’s exit fresh pork, gourmet sausages, bacon, familiar evidence of food businesses Rollits’ FOMB sector team is headed by that consumers will be hit by the effects this newsletter please contact: Julian Wild economy, life has gone on and together with the most significant global from Adelie Food. Some big private charcuterie and fresh sandwiches, said: going bust. The milk industry and John Lane, a Partner based in York, who of drought and flooding, impacting on on +44 (0)1482 337304 or email transformational deals have been done. transactions, since our last newsletter and equity-owned food companies, such as [email protected] “The acquisition of Kingston strengthens retail baking have seen a number of can be contacted on 01904 688506. the price of wheat and maize. That’s not to say that there has been an we look to draw some conclusions from Iglo and United Biscuits, remain effectively Cranswick’s cooked meat production casualties and these sectors have been This newsletter is for the use of clients upsurge in small to medium-sized deals, the deals which have been completed. ‘in play’, awaiting a full or partial exit. In hit hard by the economic downturn and will be supplied to others on request. capabilities, further diversifies its which remain relatively few and far the meantime Montagu has made a and intense competition. Perhaps it is Rollits has been pleased to help and Rollits had three entrants in this year’s It is for general guidance only. It provides • It’s been an up-and-down period for the product range in a growing market and useful information in a concise form. between. Both debt and equity finance significant acquisition in St Hubert. surprising that the number of failed Great North Run from Newcastle to private equity investors who have broadens the group's customer base.” support a leading Social Enterprise Action should not be taken without are hard to come by (and expensive) other businesses has not been higher and client, the Goodwin Development Trust, South Shields on 16 September 2012. obtaining specific advice. We hope you than for the most attractive of deals. But dominated much of the M&A activity in • Major multinationals and other has largely been confined to the in raising awareness of its FareShare Hull John Flanagan, an associate in the have found this newsletter useful. many of the big international players, recent years. There have been some successful international businesses weakest players. But some business If, however, you do not wish to receive project. This scheme is part of a national corporate team, completed the run in a unconcerned about having to raise finance excellent successes, such as Lion continue to acquire across the world, Are you looking for a specialist failures, such as the demise of further mailings from us, please write to Capital’s part exit from Weetabix to often at quite remarkable prices. In this charity helping communities to relieve splendid time of 1:24:56 to finish 370th out Mrs. Pat Coyle, Rollits, Wilberforce Court, over here, have continued to invest across wholesaler DBC and dairy business Chinese food giant Bright Food and newsletter we report on yet more deals food poverty and to reduce food waste of over 40,000 starters. Also competing High Street, Hull HU1 1YJ. the world, paying some very high prices to Farmright, have hit food industry CapVest’s sale of United Coffee to by DSM, ConAgra, Ralcorp, Olam, Hain were senior solicitor Rebecca Latus, raising The law is stated as at 1 October 2012. carve out positions in the fastest growing Food & Drink Mediator? creditors particularly hard. by redistributing quality food to Japan’s UCC; but other less happy Celestial and Frutarom to name just a funds for Sue Ryder Care, and food group markets as well as in Europe. organisations working with Hull Office few of the most active. Mediation has become an increasingly important way to settle So what do we conclude from all of that? disadvantaged people. Rollits would be head Julian Wild, supporting Leukaemia & Wilberforce Court, High Street, disputes and to avoid the considerable cost of taking a matter pleased to introduce any food company Lymphoma Research. Hull HU1 1YJ Tel +44 (0)1482 323239 • Among the most eye-catching deals of In short the big get bigger and the to the FareShare team, which has a state- Try out Rollits’ brand new website! the year so far were Kellogg’s purchase to court or tribunal. Rollits has an accredited team of mediators York Office smallest fade away. The interesting of-the-art warehouse facility at Malmo of Pringles, Nestlé buying Pfizer in its offices in Hull and York, able to mediate in a wide range of question is what will happen to the vast Rowntree Wharf, Navigation Road, We have been telling people for a long Road in Hull. FareShare’s JJ Tatten can Nutrition and Arla merging with fellow civil, commercial and family proceedings. range of food businesses in between. York YO1 9WE time that Rollits is ‘…more than a law be contacted on on 01482 587550. Tel +44 (0)1904 625790 dairy co-operative Milk Link. In the UK most are happy to keep their firm’, which means we aim to provide a www.rollits.com Julian Wild, Rollits’ Corporate Finance of any practising mediator. He is able to heads above water, waiting for better range of commercial services beyond what Continued on page 5… Partner and its Food Group Director, is bring his extensive experience to bear times ahead, conserving cash and The latest Grocery Market Share Authorised and Regulated by the Solicitors you might expect from other solicitors and Regulation Authority under number 524629 our Food Group is one example (as is our an accredited mediator in accordance on the most complex food & drink generally being prudent. And who can information published monthly by Kantar with the requirements of the UK Civil dispute anywhere in the world. blame them? But when will the upturn Rollits is a trading name of Rollits LLP. expertise in Family and Owner Managed Worldpanel showed that the grocery Mediation Council. He is a Member of appear? Probably not any time soon, Rollits LLP is a limited liability partnership, Businesses and Mediation, also mentioned Also in this issue market grew 3.3% in the 12 weeks ending The Association of Northern Mediators If you are involved in a dispute which but a resolution to the Eurozone crisis registered in England and Wales, in this newsletter). To explain more fully registered number OC 348965, registered and is on the panel of LawWorks. As requires mediation and would benefit would bring a major boost to 2 September 2012. For the same period what Rollits has to offer and who we Month by month guide to mergers grocery inflation stood at 2.9%. Of the office Wilberforce Court, High Street, Hull someone who has worked in and around from a mediator with in-depth confidence and the feel good factor, HU1 1YJ. are, we have updated the Rollits and acquisitions the food & drink industry for more than understanding of the food & drink briefly injected by Team GB at the major retailers the strongest performer website at www.rollits.com. Please do Our Marketing Director, Pat Coyle, is A list of members’ names is available for Rollits’ food deals 33 years, Julian has the most industry, do call Julian on 01482 337304 Olympics and Paralympics, may return. was Sainsbury’s with 3.8% year-on-year inspection at our offices. We use the term go online and have a look at it and give always pleased to hear from clients and comprehensive knowledge of the sector or email [email protected]. Let’s hope we haven’t retired by then! growth. Among the discounters Aldi Julian and family ‘partner’ to denote members of Rollits LLP. us your feedback. contacts on 01482 337318. News bites Page 2 Page 4 Food Group Focus Food Group Focus October 2012 October 2012 Month by month guide to Month by month guide to mergers and acquisitions mergers and acquisitions

Another major US food company, General Also in the agribusiness sector, Dutch Another MBO took place at Anglian Meat $1.55bn to bring together Bolthouse’s Gafoor Poultry Products, a supplier of Mills, doubled its annual sales in Latin company Agrifirm acquired Products, the Thetford pet food operation. super-premium chilled beverages with halal meat products in Preston, was sold America with the purchase of Brazilian food Northamptonshire-based animal feeds Campbell’s V8 veggie and fruit drinks. out of administration to a new company, Tesco confirmed its exit from Japan after Month by month guide to manufacturer Yoki Alimentos. supplier James & Son. Gafoor Pure Halal. failing to find a buyer for its loss-making Fresh Direct bought Country Fresh Also in Brazil and part of its BRIC expansion It was announced that the Irish Dairy Board operation. Tesco will pay £40m to local Produce, the Norfolk-based fruit and In one of the biggest deals in Scandinavia strategy, British drinks giant Diageo acquired would sell its Belgian continental cheese retailer Aeon to relieve it of 117 Tokyo salad supplier. for some time, Norwegian industrial the leading premium cachaca brand, Ypioca, packing operation to FrieslandCampina. stores under the Tsurakame, Tesco and conglomerate Orkla bought 90% of Rieber Health food chain Julian Graves, with 189 mergers and acquisitions for around £300m, whilst Singaporean Tesco Express banners. & Søn from the Rieber family for €835m. Debt-burdened Groupe Doux, France’s shops, was the latest casualty of economic agribusiness Olam International bought its Rieber is a leading Nordic player in soups, largest poultry processor, went into Japanese conglomerate Mitsubishi pressures and strong competition as it first sugar mill, UAP, based in Minas Gerais. sauces and ready meals, also having a February 2012 CapVest sold United Coffee, Europe's administration with Barclays Bank set to bought 24% of Tasmanian Dairy collapsed into administration. Another largest independent coffee business, to number of Eastern European businesses. Singaporean food giant Olam acquired Shortly afterwards, Olam acquired Nigerian take control. Products in Australia from Murray company going into administration was family-controlled Japanese group UCC dairy group Kayass Enterprises for $66.5m. Goulburn, the largest shareholder. egg producer Eggs and Co. United Biscuits, owned by private equity Titanium Holding Company, owner of County Durham-based Rock Farm Dairy Holdings for €500m. investors Blackstone and PAI, was reported Nigeria’s second largest biscuits and candy In another sugar deal, Australian was bought out of administration by UK Burton-based natural food colors producer The Irish Dairy Board bought The Cheese to be soliciting offers in excess of £500m for maker OK Foods, for $167m. Importer and sales broker Worldwide Brands investment bank Macquarie bought a Dairy Sales. Phytone was acquired by US-based Warehouse, a cheese ingredients supplier bought the Crips baked snacks business Catering-supplier Direct Fruit Supplies in its KP Snacks business, including McCoy’s In one of the highest profile transactions of 42.5% stake in UK sugar broker Czarnikow chemicals business FMC Corporation. based in Shropshire. after it had gone into voluntary liquidation. Leeds was sold to Michael Marcus, son of the Goldman Sachs sold its 14% stake in and Hula Hoops. the year, Procter and Gamble withdrew from Wilmar International. founder, following a pre-pack administration. sandwich chain Pret A Manger to majority French retailer Groupe Casino took from its deal with Diamond Foods to sell Nestlé made one of the biggest acquisitions In one of the most important deals in the owner Bridgepoint Capital, which now holds majority control of Brazil’s largest retailer, the Pringles crisp business and sold it to of the year with the purchase of Pfizer Dutch commodities group Louis Dreyfus cash & carry sector, Booker became the 66% after buying into the business in 2008. Companhia Brasileira de Distribuicao cereals giant Kellogg for £1.7bn. Nutrition, the infant nutrition business, for agreed to acquire Texas refined sugar UK’s biggest wholesaler by acquiring loss- (CBD), with over 1800 stores. Following its acquisition of Uniq, Greencore $11.85bn. processor Imperial Sugar in a deal making Makro, the UK operation of Metro, Dairystix milk pouche supplier Quadra agreed the disposal of the former Eden Vale The directors of Lees Foods received court worth $203m. in a £140m deal. Metro took near a 10% Foods, based in Plymouth, and its parent Just-Eat, the online takeaway website, Minsterley chilled desserts factory in clearance to proceed with their £5.6m MBO stake in Booker. company Farmright went into raised $64m from private equity Vitruvian Langholm Capital backed Gary Nield and Shropshire to Müller UK for £4.3m plus stock. of the AIM-listed Scottish confectioner. administration after failing to attract new Partners and other investors to fund Peter Unsworth’s management buy-in of Struggling Scottish baker Mathiesons was Premier Foods agreed the sale of its Greencore continued its US food-to-go equity investment. acquisitions and global expansion. Purity Soft Drinks, based in Wednesbury sold out of administration to Prestige vinegar and sour pickles business, expansion with the acquisition of sandwich and with sales of £16m, from long-time Bakeries in a pre-pack deal. March 2012 The UK’s second largest turkey producer, owners, the Cox family. including the Sarson’s, Haywards and and sushi business HC Schau in Illinois for Organic and Fairtrade tea company Clipper Cranberry Foods with sites in Derbyshire Backed by active private equity investor LDC, Dufrais brands, to Japanese food up to $19.3m. This follows the earlier US April 2012 Sher Halal Foods and United Halal Foods Teas, located in Beaminster, Dorset with and South Wales, was acquired by major UK Angel Springs bought Isis Office Hydration, manufacturer Mizkan for £41m. purchases of Marketfare and On a Roll. ForFarmers from the Netherlands bought in Caernarfon ceased trading after going sales of £16m, was sold to Kallo Foods poultry producer Faccenda. the supplier of water coolers in London and BOCM Pauls with eleven mills and seven into administration. Omnicane, the biggest sugar producer in Private equity investors Blackstone and owner Wessanen. Dorset. This follows its three other water blending plants and a valuation of £70m. Kerry Kayes’ CNP Professional, the Mauritius, increased its holding in Real BC Partners withdrew their bid to acquire DSM, owners of Martek Biosciences, gained deals in 2011, including Aquae Sulis. US natural snacks business Mrs May’s Manchester-based sports nutrition company Good Food Company, owners of Napier frozen food group Iglo, best known for Irish company Dawn Meats acquired beef a stronghold in the North American dietary Naturals was bought by Dole to boost its with sales of around £6.5m, was bought by Fivemiletown Creamery in Northern Ireland Brown, to around 20%. Birds Eye, after it was rejected by owner and lamb slaughtering business West supplements market with the purchase of healthy packaged foods division. leading dairy co-operative First Milk. bought Causeway Cheese Company, a Permira, whose plans for a refinancing Devon Meats for an undisclosed sum. County Down-based Crossgar Foodservice fish-sourced omega-3 oil supplier Ocean farmhouse cheese business at Loughgiel in also had to be abandoned. Supermarket group Morrisons announced Caithness Beef & Lamb, with a new £4m was acquired by US food distribution Anpario bought Meriden Animal Health, Nutrition Canada for €420m. County Antrim. the purchase of the former Kwoks ready meat processing plant near Wick, went company Sysco Corp. Dairy Crest announced that it had agreed the Bedfordshire animal feed supplier, for a In another major deal in the UK milk meals factory on Europarc in Grimsby to into administration. the disposal of its French spreads reported price of just over £4m. industry it was announced that leading June 2012 North Yorkshire-based Bakery Products, reopen it as a seafood production plant, Symington’s CEO David Salkeld led a business St Hubert to Montagu Private Private equity owner Lion Capital injected May 2012 farmers’ co-operative Milk Link, based in formed by entrepreneur Arthur Harris to buy Coopland & Son (Scarborough) adding to the retailer’s in-house management buy-out of the company from Equity for €430m. Premier Foods pulled off the major £19m of equity into its Findus Group DuPont bought out Bunge’s 28% stake in Bristol, would merge with European giant part of the Woodhead bakery business in completed the purchase of the Durham manufacturing facilities.The factory started private equity firm Bridgepoint Capital, disposal required to satisfy its banks by investment, which includes Young’s soy ingredients joint venture Solae, based Arla Foods to create the biggest UK dairy administration last year, ceased trading after AB InBev agreed to buy the balance of bakery and 22 retail shops from the production in September 2012. backed by AIM-listed Intermediate Capital selling its sweet spreads and jellies Seafood, to avoid a potential breach of in Missouri, in a $440m deal. processor with sales in excess of £2bn. failing to find a buyer. Rights to The Wedge shares in Grupo Modelo for $20bn in a deal administrators of Peters Cathedral Compass Group acquired NKS Kabushiki Group and a £75m debt package. Later in pie were sold to turnaround investor Volvere, which sees the Corona brand join Budweiser. business, including Hartley’s, Sun-Pat and banking covenants Speciality Desserts, supplier of frozen Bakers (see Rollits’ food deals). Kaisha, a food service operator, primarily to After interest in a number of other European the month Symington’s bought Leigh home whilst the Scarborough bakery was later Grupo Modelo also sold its 50% stake in joint Frank Cooper, to Hain Celestial for £200m desserts to the food service market, was the healthcare sector, in Japan. Eskimo Frozen Foods, formed after food companies, China’s state-owned Bright baking business Victoria Foods, a supplier bought by David Wood Baking. venture Crown Imports to wine producer ConAgra Foods agreed to acquire in cash and shares. Eismann UK in Bedford went into Food finally acquired a 60% stake in bought by French dessert maker of Jane Asher cake mixes. Unilever’s North American frozen food Constellation Brands for $1.85bn. Hain Celestial also announced the sale The founder and Chief Executive of frozen administration, collapsed into liquidation Northamptonshire cereals business Européenne des Desserts, previously Newcastle baker Tindale & Stanton, in the business, Bertolli and P.F.Chang’s Home Wynnstay acquired PSB (Country Supplies), of its private label chilled ready meals food retailer Iceland, Malcolm Walker, led a just six months after starting trading. Weetabix, owned by Lion Capital, for £720m. owned by Premier Foods. same ownership as Bakery Products, also Nestle announced the sale of its Australian Menu, for $265m. £1.55bn management buyout of the 800 an independent agricultural merchant based went into administration but was later ice cream business, Peters, to Pacific business International Cuisine in Consett East Yorkshire wine merchant House of shop chain from the liquidator of two Duke Street Capital’s food-to-go Hain Celestial, owners of New Covent in Tetbury Gloucestershire, for around £0.5m. bought out by a management team. Equity Partners in a deal valued at A$330m. August 2012 to Greencore, whilst also exiting Garden soup, bought Irish chilled soup Townend bought Kendal-based Lakeland sandwiches with the planned transfer of Icelandic banks. investment Adelie Food, owners of food Private equity firm Endless sold one of business Cully & Sully, retaining the Vintners from brewer JW Lees. its Daily Bread brand and the conversion service sandwich maker Food Partners, was July 2012 its oldest investments, Phoenix Foods in On a less happy note, Mr Walker’s food management team of Cullen Allen and of its Luton site into fruit and vegetable bought by Indian leisure company India German food company Dr Oetker acquired Cranswick completed the purchase of Corby, a producer of powdered drinks service wholesaler DBC, owned with Tarsem Colum O’Sullivan. meal solutions. Hospitality Corp. a 51% stake in Tunisian food manufacturer Kingston Foods, a premium cooked and and foods, to Speciality Powders Dhaliwal and Andrew Pritchard and roast meat producer in Milton Keynes, Driffield-based Cranswick Pet Products, Following on from the purchase last year of GIAS Ingredients. Holdings of Knaresborough. In a joint venture deal, Glanbia Ingredients employing nearly a thousand staff, went supplying quick service restaurants (see the subject of a £17m MBO in 2009, was Premier Foods’ East Anglian canning Ireland (formerly Dairy Ingredients Ireland), into administration. DBC’s Ministry of Acquisitive ConAgra Foods continued on the Rollits’ food deals). Heineken announced agreement with Fraser operations, Princes acquired Italian tomato Ireland’s largest dairy ingredients processor, Defence contract was later sold to Vestey bought by Northern Ireland’s Westland deal trail with the purchase of Wisconsin- and Neave to acquire F&N’s interest in Asia processor AR Industrie Alimentari to will be 40% owned by Glanbia and 60% Foods Group. Horticulture, owners of Peckish bird food. based Kangaroo Brands’ private label pita Premier Foods completed another disposal Pacific Breweries in a deal worth S$7.5bn. increase European sales. with the sale of ethnic flour brand Elephant owned by Glanbia Co-operative Society. Merinvest acquired Edinburgh Salmon chips business, following the purchase of Highly acquisitive Israeli flavours company Atta to Associated British Foods’ Westmill DSM continued its acquisition push in life Company, the Dingwall-based fish supplier, CSM announced plans to sell its European Odom’s Tennessee Pride, Del Monte Brakes sold its Browns Foodservice Frutarom added to its presence in Eastern Foods for £34m. sciences with the purchase of Tortuga, the and North American bakery businesses to Canada and National Pretzel Company in wholesale business in Warwickshire to Europe by acquiring Slovenian flavour for an undisclosed sum.. Brazilian animal nutrition business based in the last year. business Etol in a €35m deal. focus on bio-based ingredients. Dutch group Vion announced the planned Ensors of Gloucestershire. Chilled foods manufacturer Greencore Sao Paolo, for €465m. closure of its Hall’s of Broxburn meat plant added to its US business with the The European Commission cleared the Ralcorp, which last year bought Refrigerated Classic Cuisine, the Northampton ready Former Hollands Pies MD Neil Court- in Scotland with the loss of 1700 jobs. Another highly acquisitive company, R&R acquisition of the world’s largest sugar Dough from Sara Lee, continued on the meals maker, bought Jon George, a Johnson bought Pooles Pies from Wigan acquisition of Arizona-based food-to-go Ice Cream, bought Italian private label ice trader ED&F Man by Europe’s largest acquisition path with the purchase of New frozen desserts and savoury manufacturer Athletic Chairman Dave Whelan for £3m. business Marketfare, a leading supplier to Campbell Soup acquired Bolthouse cream maker Eskigel, with a factory near sugar producer Südzucker. York cookie maker Petri Baking Products. in Redditch. 7-Eleven, in a $36m deal. Farms, based in Bakersfield California, for Rome, for €77m. Page 2 Page 4 Food Group Focus Food Group Focus October 2012 October 2012 Month by month guide to Month by month guide to mergers and acquisitions mergers and acquisitions

Another major US food company, General Also in the agribusiness sector, Dutch Another MBO took place at Anglian Meat $1.55bn to bring together Bolthouse’s Gafoor Poultry Products, a supplier of Mills, doubled its annual sales in Latin company Agrifirm acquired Products, the Thetford pet food operation. super-premium chilled beverages with halal meat products in Preston, was sold America with the purchase of Brazilian food Northamptonshire-based animal feeds Campbell’s V8 veggie and fruit drinks. out of administration to a new company, Tesco confirmed its exit from Japan after Month by month guide to manufacturer Yoki Alimentos. supplier James & Son. Gafoor Pure Halal. failing to find a buyer for its loss-making Fresh Direct bought Country Fresh Also in Brazil and part of its BRIC expansion It was announced that the Irish Dairy Board operation. Tesco will pay £40m to local Produce, the Norfolk-based fruit and In one of the biggest deals in Scandinavia strategy, British drinks giant Diageo acquired would sell its Belgian continental cheese retailer Aeon to relieve it of 117 Tokyo salad supplier. for some time, Norwegian industrial the leading premium cachaca brand, Ypioca, packing operation to FrieslandCampina. stores under the Tsurakame, Tesco and conglomerate Orkla bought 90% of Rieber Health food chain Julian Graves, with 189 mergers and acquisitions for around £300m, whilst Singaporean Tesco Express banners. & Søn from the Rieber family for €835m. Debt-burdened Groupe Doux, France’s shops, was the latest casualty of economic agribusiness Olam International bought its Rieber is a leading Nordic player in soups, largest poultry processor, went into Japanese conglomerate Mitsubishi pressures and strong competition as it first sugar mill, UAP, based in Minas Gerais. sauces and ready meals, also having a February 2012 CapVest sold United Coffee, Europe's administration with Barclays Bank set to bought 24% of Tasmanian Dairy collapsed into administration. Another largest independent coffee business, to number of Eastern European businesses. Singaporean food giant Olam acquired Shortly afterwards, Olam acquired Nigerian take control. Products in Australia from Murray company going into administration was family-controlled Japanese group UCC dairy group Kayass Enterprises for $66.5m. Goulburn, the largest shareholder. egg producer Eggs and Co. United Biscuits, owned by private equity Titanium Holding Company, owner of County Durham-based Rock Farm Dairy Holdings for €500m. investors Blackstone and PAI, was reported Nigeria’s second largest biscuits and candy In another sugar deal, Australian was bought out of administration by UK Burton-based natural food colors producer The Irish Dairy Board bought The Cheese to be soliciting offers in excess of £500m for maker OK Foods, for $167m. Importer and sales broker Worldwide Brands investment bank Macquarie bought a Dairy Sales. Phytone was acquired by US-based Warehouse, a cheese ingredients supplier bought the Crips baked snacks business Catering-supplier Direct Fruit Supplies in its KP Snacks business, including McCoy’s In one of the highest profile transactions of 42.5% stake in UK sugar broker Czarnikow chemicals business FMC Corporation. based in Shropshire. after it had gone into voluntary liquidation. Leeds was sold to Michael Marcus, son of the Goldman Sachs sold its 14% stake in and Hula Hoops. the year, Procter and Gamble withdrew from Wilmar International. founder, following a pre-pack administration. sandwich chain Pret A Manger to majority French retailer Groupe Casino took from its deal with Diamond Foods to sell Nestlé made one of the biggest acquisitions In one of the most important deals in the owner Bridgepoint Capital, which now holds majority control of Brazil’s largest retailer, the Pringles crisp business and sold it to of the year with the purchase of Pfizer Dutch commodities group Louis Dreyfus cash & carry sector, Booker became the 66% after buying into the business in 2008. Companhia Brasileira de Distribuicao cereals giant Kellogg for £1.7bn. Nutrition, the infant nutrition business, for agreed to acquire Texas refined sugar UK’s biggest wholesaler by acquiring loss- (CBD), with over 1800 stores. Following its acquisition of Uniq, Greencore $11.85bn. processor Imperial Sugar in a deal making Makro, the UK operation of Metro, Dairystix milk pouche supplier Quadra agreed the disposal of the former Eden Vale The directors of Lees Foods received court worth $203m. in a £140m deal. Metro took near a 10% Foods, based in Plymouth, and its parent Just-Eat, the online takeaway website, Minsterley chilled desserts factory in clearance to proceed with their £5.6m MBO stake in Booker. company Farmright went into raised $64m from private equity Vitruvian Langholm Capital backed Gary Nield and Shropshire to Müller UK for £4.3m plus stock. of the AIM-listed Scottish confectioner. administration after failing to attract new Partners and other investors to fund Peter Unsworth’s management buy-in of Struggling Scottish baker Mathiesons was Premier Foods agreed the sale of its Greencore continued its US food-to-go equity investment. acquisitions and global expansion. Purity Soft Drinks, based in Wednesbury sold out of administration to Prestige vinegar and sour pickles business, expansion with the acquisition of sandwich and with sales of £16m, from long-time Bakeries in a pre-pack deal. March 2012 The UK’s second largest turkey producer, owners, the Cox family. including the Sarson’s, Haywards and and sushi business HC Schau in Illinois for Organic and Fairtrade tea company Clipper Cranberry Foods with sites in Derbyshire Backed by active private equity investor LDC, Dufrais brands, to Japanese food up to $19.3m. This follows the earlier US April 2012 Sher Halal Foods and United Halal Foods Teas, located in Beaminster, Dorset with and South Wales, was acquired by major UK Angel Springs bought Isis Office Hydration, manufacturer Mizkan for £41m. purchases of Marketfare and On a Roll. ForFarmers from the Netherlands bought in Caernarfon ceased trading after going sales of £16m, was sold to Kallo Foods poultry producer Faccenda. the supplier of water coolers in London and BOCM Pauls with eleven mills and seven into administration. Omnicane, the biggest sugar producer in Private equity investors Blackstone and owner Wessanen. Dorset. This follows its three other water blending plants and a valuation of £70m. Kerry Kayes’ CNP Professional, the Mauritius, increased its holding in Real BC Partners withdrew their bid to acquire DSM, owners of Martek Biosciences, gained deals in 2011, including Aquae Sulis. US natural snacks business Mrs May’s Manchester-based sports nutrition company Good Food Company, owners of Napier frozen food group Iglo, best known for Irish company Dawn Meats acquired beef a stronghold in the North American dietary Naturals was bought by Dole to boost its with sales of around £6.5m, was bought by Fivemiletown Creamery in Northern Ireland Brown, to around 20%. Birds Eye, after it was rejected by owner and lamb slaughtering business West supplements market with the purchase of healthy packaged foods division. leading dairy co-operative First Milk. bought Causeway Cheese Company, a Permira, whose plans for a refinancing Devon Meats for an undisclosed sum. County Down-based Crossgar Foodservice fish-sourced omega-3 oil supplier Ocean farmhouse cheese business at Loughgiel in also had to be abandoned. Supermarket group Morrisons announced Caithness Beef & Lamb, with a new £4m was acquired by US food distribution Anpario bought Meriden Animal Health, Nutrition Canada for €420m. County Antrim. the purchase of the former Kwoks ready meat processing plant near Wick, went company Sysco Corp. Dairy Crest announced that it had agreed the Bedfordshire animal feed supplier, for a In another major deal in the UK milk meals factory on Europarc in Grimsby to into administration. the disposal of its French spreads reported price of just over £4m. industry it was announced that leading June 2012 North Yorkshire-based Bakery Products, reopen it as a seafood production plant, Symington’s CEO David Salkeld led a business St Hubert to Montagu Private Private equity owner Lion Capital injected May 2012 farmers’ co-operative Milk Link, based in formed by entrepreneur Arthur Harris to buy Coopland & Son (Scarborough) adding to the retailer’s in-house management buy-out of the company from Equity for €430m. Premier Foods pulled off the major £19m of equity into its Findus Group DuPont bought out Bunge’s 28% stake in Bristol, would merge with European giant part of the Woodhead bakery business in completed the purchase of the Durham manufacturing facilities.The factory started private equity firm Bridgepoint Capital, disposal required to satisfy its banks by investment, which includes Young’s soy ingredients joint venture Solae, based Arla Foods to create the biggest UK dairy administration last year, ceased trading after AB InBev agreed to buy the balance of bakery and 22 retail shops from the production in September 2012. backed by AIM-listed Intermediate Capital selling its sweet spreads and jellies Seafood, to avoid a potential breach of in Missouri, in a $440m deal. processor with sales in excess of £2bn. failing to find a buyer. Rights to The Wedge shares in Grupo Modelo for $20bn in a deal administrators of Peters Cathedral Compass Group acquired NKS Kabushiki Group and a £75m debt package. Later in pie were sold to turnaround investor Volvere, which sees the Corona brand join Budweiser. business, including Hartley’s, Sun-Pat and banking covenants Speciality Desserts, supplier of frozen Bakers (see Rollits’ food deals). Kaisha, a food service operator, primarily to After interest in a number of other European the month Symington’s bought Leigh home whilst the Scarborough bakery was later Grupo Modelo also sold its 50% stake in joint Frank Cooper, to Hain Celestial for £200m desserts to the food service market, was the healthcare sector, in Japan. Eskimo Frozen Foods, formed after food companies, China’s state-owned Bright baking business Victoria Foods, a supplier bought by David Wood Baking. venture Crown Imports to wine producer ConAgra Foods agreed to acquire in cash and shares. Eismann UK in Bedford went into Food finally acquired a 60% stake in bought by French dessert maker of Jane Asher cake mixes. Unilever’s North American frozen food Constellation Brands for $1.85bn. Hain Celestial also announced the sale The founder and Chief Executive of frozen administration, collapsed into liquidation Northamptonshire cereals business Européenne des Desserts, previously Newcastle baker Tindale & Stanton, in the business, Bertolli and P.F.Chang’s Home Wynnstay acquired PSB (Country Supplies), of its private label chilled ready meals food retailer Iceland, Malcolm Walker, led a just six months after starting trading. Weetabix, owned by Lion Capital, for £720m. owned by Premier Foods. same ownership as Bakery Products, also Nestle announced the sale of its Australian Menu, for $265m. £1.55bn management buyout of the 800 an independent agricultural merchant based went into administration but was later ice cream business, Peters, to Pacific business International Cuisine in Consett East Yorkshire wine merchant House of shop chain from the liquidator of two Duke Street Capital’s food-to-go Hain Celestial, owners of New Covent in Tetbury Gloucestershire, for around £0.5m. bought out by a management team. Equity Partners in a deal valued at A$330m. August 2012 to Greencore, whilst also exiting Garden soup, bought Irish chilled soup Townend bought Kendal-based Lakeland sandwiches with the planned transfer of Icelandic banks. investment Adelie Food, owners of food Private equity firm Endless sold one of business Cully & Sully, retaining the Vintners from brewer JW Lees. its Daily Bread brand and the conversion service sandwich maker Food Partners, was July 2012 its oldest investments, Phoenix Foods in On a less happy note, Mr Walker’s food management team of Cullen Allen and of its Luton site into fruit and vegetable bought by Indian leisure company India German food company Dr Oetker acquired Cranswick completed the purchase of Corby, a producer of powdered drinks service wholesaler DBC, owned with Tarsem Colum O’Sullivan. meal solutions. Hospitality Corp. a 51% stake in Tunisian food manufacturer Kingston Foods, a premium cooked and and foods, to Speciality Powders Dhaliwal and Andrew Pritchard and roast meat producer in Milton Keynes, Driffield-based Cranswick Pet Products, Following on from the purchase last year of GIAS Ingredients. Holdings of Knaresborough. In a joint venture deal, Glanbia Ingredients employing nearly a thousand staff, went supplying quick service restaurants (see the subject of a £17m MBO in 2009, was Premier Foods’ East Anglian canning Ireland (formerly Dairy Ingredients Ireland), into administration. DBC’s Ministry of Acquisitive ConAgra Foods continued on the Rollits’ food deals). Heineken announced agreement with Fraser operations, Princes acquired Italian tomato Ireland’s largest dairy ingredients processor, Defence contract was later sold to Vestey bought by Northern Ireland’s Westland deal trail with the purchase of Wisconsin- and Neave to acquire F&N’s interest in Asia processor AR Industrie Alimentari to will be 40% owned by Glanbia and 60% Foods Group. Horticulture, owners of Peckish bird food. based Kangaroo Brands’ private label pita Premier Foods completed another disposal Pacific Breweries in a deal worth S$7.5bn. increase European sales. with the sale of ethnic flour brand Elephant owned by Glanbia Co-operative Society. Merinvest acquired Edinburgh Salmon chips business, following the purchase of Highly acquisitive Israeli flavours company Atta to Associated British Foods’ Westmill DSM continued its acquisition push in life Company, the Dingwall-based fish supplier, CSM announced plans to sell its European Odom’s Tennessee Pride, Del Monte Brakes sold its Browns Foodservice Frutarom added to its presence in Eastern Foods for £34m. sciences with the purchase of Tortuga, the and North American bakery businesses to Canada and National Pretzel Company in wholesale business in Warwickshire to Europe by acquiring Slovenian flavour for an undisclosed sum.. Brazilian animal nutrition business based in the last year. business Etol in a €35m deal. focus on bio-based ingredients. Dutch group Vion announced the planned Ensors of Gloucestershire. Chilled foods manufacturer Greencore Sao Paolo, for €465m. closure of its Hall’s of Broxburn meat plant added to its US business with the The European Commission cleared the Ralcorp, which last year bought Refrigerated Classic Cuisine, the Northampton ready Former Hollands Pies MD Neil Court- in Scotland with the loss of 1700 jobs. Another highly acquisitive company, R&R acquisition of the world’s largest sugar Dough from Sara Lee, continued on the meals maker, bought Jon George, a Johnson bought Pooles Pies from Wigan acquisition of Arizona-based food-to-go Ice Cream, bought Italian private label ice trader ED&F Man by Europe’s largest acquisition path with the purchase of New frozen desserts and savoury manufacturer Athletic Chairman Dave Whelan for £3m. business Marketfare, a leading supplier to Campbell Soup acquired Bolthouse cream maker Eskigel, with a factory near sugar producer Südzucker. York cookie maker Petri Baking Products. in Redditch. 7-Eleven, in a $36m deal. Farms, based in Bakersfield California, for Rome, for €77m. Page 5 Page 6 Food Group Focus Food Group Focus October 2012 October 2012 www.rollits.com October 2012

Spectacular summer of sport and some tasty deals too Rollits co-hosts Food Group Focus Rollits’ food deals continued from front page… • Latin America, in particular, remains major food & Also in July, Rollits’ Corporate Partner of particular interest to global players Nasim Sharf worked with Corporate looking for geographical expansion, News bites Finance Partner Julian Wild to help with Brazil top of the South American Rollits’ client Ian McIntosh, the former drink industry Coopland & Son (Scarborough) acquire a shopping list. Vice President - West Division of 50,000 sq ft bakery in County Durham, 22 international edible oils business AAK, conference retail shops and a fleet of retail vans from • Major UK listed companies continue has become Chief Executive of Driving with their important strategic moves. the administrators of Peters Cathedral Results, the RED Driving School franchise Rollits has joined with the world’s Premier Foods managed to satisfy Bakers. The deal saw Cooplands increase business, as part of a buy-out backed by their bankers by pulling off a series of largest privately-owned, independent its retail estate to over 130 shops, as well Kelso Place Asset Management in July. disposals and Dairy Crest exited their insurance broker, Lockton, to host a as cafes, located in Yorkshire, Lincolnshire, French dairy spreads business, whilst Mr McIntosh was advised during the deal major event aimed at the food & drink Teesside and now further into the Greencore added a couple of by Rollits’ Corporate Finance Partner sector. On 23 November 2012 at North East. The acquisition resulted in acquisitions to augment its US food- Nasim Sharf and Rollits’ Head of Hazlewood Castle, Tadcaster, a panel over 200 jobs being saved. Cooplands to-go push. Employment Donna Ingleby. of distinguished speakers will address now has bakeries in Scarborough, Hull the very important issue of Crisis and Durham. • The UK cash & carry scene saw a Management and Reputation Risk in major development with Booker “The appointment of a non-executive the Food & Drink Sector. Among the Managing Director of Cooplands, Paul acquiring Makro, whilst Malcolm director to the board of a family business speakers will be Lord Christopher Coopland, commented; “This is an Walker resumed his ownership of can only be a positive influence”, so Haskins, former Chairman of Northern exciting acquisition. It has safeguarded frozen food retailer Iceland. concluded the panel at KPMG’s Forum on continues to do very well, up near 27% on Foods plc and Government adviser. many jobs in and around Durham and the Family & Business Governance on 1 May. last year. By contrast Morrisons has lost North East and will enable Cooplands to • Latest figures from Kantar Worldpanel The panel included Alastair Macphie, market share in the absence of an online Spectacular summer of sport show that the UK Grocery Market The half-day conference is aimed at Rollits’ Corporate Associate, John continue to expand beyond its existing Chairman and Chief Executive of leading offering and with few convenience outlets. has bounced back into growth at a Managing Directors, Finance Directors Flanagan, advised longstanding client boundaries. We were pleased to work Scottish bakery ingredients business level (over 3%) ahead of grocery and Risk Managers of food companies. and some tasty deals too Cranswick plc on its acquisition of with Rollits. They have provided expert Macphie of Glenbervie. Rollits’ Corporate inflation (now below 3%). Tesco, All the evidence points to more extreme If you would like to be invited, please Kingston Foods, a premium cooked corporate finance and legal advice, as Finance Partner and Head of its Food having lost market share for some weather caused by climate change, contact either Mark Evans at Lockton in After a sensational Summer of sport, it seems almost inconsequential and roast meat producer based in they did on our acquisitions of Skeltons in Group, Julian Wild, and experienced food time, has started to fight back but it is affecting major crops worldwide and Leeds on 0113 2051631 or Julian Wild at to think of anything else which has been going on over the last six Milton Keynes, which was announced in Hull, Ainsleys of Leeds and Woodheads Sainsbury’s which has shown the best industry professional, Terry Stannard, are leading to higher food prices. The latest Rollits on 01482 337304. July. Kingston’s Tony Turner and Paul in Scarborough.” progress along with the discounters. non-executive directors of Macphie. months. Amazingly enough, not everyone has been totally report from Oxfam, ‘Extreme Weather, Williams have continued in their Morrisons and the Co-op are the preoccupied by London 2012 and quite a lot has been happening Extreme Prices: The Costs of Feeding a positions as managing director and principal sufferers. Family and Owner Managed Businesses is across the food & drink sector. Julian Wild, Head of Rollits’ Food Group Warming World’, claims that the full operations director respectively. one of Rollits’ sector specialisms and the • But amidst all the successful deal- firm represents many such businesses impact of climate change on future food Information Despite all the Eurozone uncertainty In this edition we have again reviewed the stories such as Lion Capital’s investment in Cranswick, whose products includes doing, there has been the all-too- across a range of sectors, including food. prices is being underestimated and warns If you have any queries on any articles in and unrelenting gloom around the UK food & drink deals carried out in the UK, Findus Group or Duke Street Capital’s exit fresh pork, gourmet sausages, bacon, familiar evidence of food businesses Rollits’ FOMB sector team is headed by that consumers will be hit by the effects this newsletter please contact: Julian Wild economy, life has gone on and together with the most significant global from Adelie Food. Some big private charcuterie and fresh sandwiches, said: going bust. The milk industry and John Lane, a Partner based in York, who of drought and flooding, impacting on on +44 (0)1482 337304 or email transformational deals have been done. transactions, since our last newsletter and equity-owned food companies, such as [email protected] “The acquisition of Kingston strengthens retail baking have seen a number of can be contacted on 01904 688506. the price of wheat and maize. That’s not to say that there has been an we look to draw some conclusions from Iglo and United Biscuits, remain effectively Cranswick’s cooked meat production casualties and these sectors have been This newsletter is for the use of clients upsurge in small to medium-sized deals, the deals which have been completed. ‘in play’, awaiting a full or partial exit. In hit hard by the economic downturn and will be supplied to others on request. capabilities, further diversifies its which remain relatively few and far the meantime Montagu has made a and intense competition. Perhaps it is Rollits has been pleased to help and Rollits had three entrants in this year’s It is for general guidance only. It provides • It’s been an up-and-down period for the product range in a growing market and useful information in a concise form. between. Both debt and equity finance significant acquisition in St Hubert. surprising that the number of failed Great North Run from Newcastle to private equity investors who have broadens the group's customer base.” support a leading Social Enterprise Action should not be taken without are hard to come by (and expensive) other businesses has not been higher and client, the Goodwin Development Trust, South Shields on 16 September 2012. obtaining specific advice. We hope you than for the most attractive of deals. But dominated much of the M&A activity in • Major multinationals and other has largely been confined to the in raising awareness of its FareShare Hull John Flanagan, an associate in the have found this newsletter useful. many of the big international players, recent years. There have been some successful international businesses weakest players. But some business If, however, you do not wish to receive project. This scheme is part of a national corporate team, completed the run in a unconcerned about having to raise finance excellent successes, such as Lion continue to acquire across the world, Are you looking for a specialist failures, such as the demise of further mailings from us, please write to Capital’s part exit from Weetabix to often at quite remarkable prices. In this charity helping communities to relieve splendid time of 1:24:56 to finish 370th out Mrs. Pat Coyle, Rollits, Wilberforce Court, over here, have continued to invest across wholesaler DBC and dairy business Chinese food giant Bright Food and newsletter we report on yet more deals food poverty and to reduce food waste of over 40,000 starters. Also competing High Street, Hull HU1 1YJ. the world, paying some very high prices to Farmright, have hit food industry CapVest’s sale of United Coffee to by DSM, ConAgra, Ralcorp, Olam, Hain were senior solicitor Rebecca Latus, raising The law is stated as at 1 October 2012. carve out positions in the fastest growing Food & Drink Mediator? creditors particularly hard. by redistributing quality food to Japan’s UCC; but other less happy Celestial and Frutarom to name just a funds for Sue Ryder Care, and food group markets as well as in Europe. organisations working with Hull Office few of the most active. Mediation has become an increasingly important way to settle So what do we conclude from all of that? disadvantaged people. Rollits would be head Julian Wild, supporting Leukaemia & Wilberforce Court, High Street, disputes and to avoid the considerable cost of taking a matter pleased to introduce any food company Lymphoma Research. Hull HU1 1YJ Tel +44 (0)1482 323239 • Among the most eye-catching deals of In short the big get bigger and the to the FareShare team, which has a state- Try out Rollits’ brand new website! the year so far were Kellogg’s purchase to court or tribunal. Rollits has an accredited team of mediators York Office smallest fade away. The interesting of-the-art warehouse facility at Malmo of Pringles, Nestlé buying Pfizer in its offices in Hull and York, able to mediate in a wide range of question is what will happen to the vast Rowntree Wharf, Navigation Road, We have been telling people for a long Road in Hull. FareShare’s JJ Tatten can Nutrition and Arla merging with fellow civil, commercial and family proceedings. range of food businesses in between. York YO1 9WE time that Rollits is ‘…more than a law be contacted on on 01482 587550. Tel +44 (0)1904 625790 dairy co-operative Milk Link. In the UK most are happy to keep their firm’, which means we aim to provide a www.rollits.com Julian Wild, Rollits’ Corporate Finance of any practising mediator. He is able to heads above water, waiting for better range of commercial services beyond what Continued on page 5… Partner and its Food Group Director, is bring his extensive experience to bear times ahead, conserving cash and The latest Grocery Market Share Authorised and Regulated by the Solicitors you might expect from other solicitors and Regulation Authority under number 524629 our Food Group is one example (as is our an accredited mediator in accordance on the most complex food & drink generally being prudent. And who can information published monthly by Kantar with the requirements of the UK Civil dispute anywhere in the world. blame them? But when will the upturn Rollits is a trading name of Rollits LLP. expertise in Family and Owner Managed Worldpanel showed that the grocery Mediation Council. He is a Member of appear? Probably not any time soon, Rollits LLP is a limited liability partnership, Businesses and Mediation, also mentioned Also in this issue market grew 3.3% in the 12 weeks ending The Association of Northern Mediators If you are involved in a dispute which but a resolution to the Eurozone crisis registered in England and Wales, in this newsletter). To explain more fully registered number OC 348965, registered and is on the panel of LawWorks. As requires mediation and would benefit would bring a major boost to 2 September 2012. For the same period what Rollits has to offer and who we Month by month guide to mergers grocery inflation stood at 2.9%. Of the office Wilberforce Court, High Street, Hull someone who has worked in and around from a mediator with in-depth confidence and the feel good factor, HU1 1YJ. are, we have updated the Rollits and acquisitions the food & drink industry for more than understanding of the food & drink briefly injected by Team GB at the major retailers the strongest performer website at www.rollits.com. Please do Our Marketing Director, Pat Coyle, is A list of members’ names is available for Rollits’ food deals 33 years, Julian has the most industry, do call Julian on 01482 337304 Olympics and Paralympics, may return. was Sainsbury’s with 3.8% year-on-year inspection at our offices. We use the term go online and have a look at it and give always pleased to hear from clients and comprehensive knowledge of the sector or email [email protected]. Let’s hope we haven’t retired by then! growth. Among the discounters Aldi Julian and family ‘partner’ to denote members of Rollits LLP. us your feedback. contacts on 01482 337318. News bites Page 5 Page 6 Food Group Focus Food Group Focus October 2012 October 2012 www.rollits.com October 2012