Food Group Focus

Page 5 Page 6 Food Group Focus Food Group Focus February 2014 February 2014 www.rollits.com February 2014 A reminder! Food Group Focus Are you are you looking Rollits’ Food Deals for a specialist Food & operating from 7 depots in Derbyshire, Julian Wild, Head of Rollits’ Food Group, News bites Yorkshire, Staffordshire, Bedfordshire, provided corporate finance advice on Drink Mediator? Worcestershire and Powys.” the sale and Rollits’ Senior Partner, Steve Mediation has become an increasingly Trynka, working with Commercial Partner important way to settle disputes and to avoid Confection by Design forge new link with Keith Benton and Senior Solicitor Kate the considerable cost of taking a matter to Orchard Valley Foods Dixon, advised on all legal matters. court or tribunal. Rollits has an accredited Rollits’ Commercial Solicitor James Peel team of mediators in its offices in Hull and advised Confection by Design Limited York, able to mediate in a wide range of (CBD), part of the Zubrance group of food commercial and family proceedings. companies, on a strategic agreement with Orchard Valley Foods Limited (OVF), Julian Wild, Rollits’ Corporate Finance based in Tenbury Wells. Partner and its Food Group Director, is an accredited mediator in accordance with Under the arrangement, concluded in the requirements of the UK Civil Mediation April, OVF became the exclusive sales, Council. He is a Member of The Association marketing and distribution ‘partner’ in Saucy Fish Co. one of the Yorkshire Wensleydale awarded of Northern Mediators and is on the panel the UK and Europe for CBD products of LawWorks. As someone who has worked Cranswick acquires East Anglian Pigs CoolBrands® of 2013/14 EU protected status sold to food manufacturers, foodservice, in and around the food & drink industry In April 2013 Cranswick plc, one of the homebake, restaurant groups and quick- Rollits’ client The Saucy Fish Co., owned by To the delight of Wallace and Gromit, for nearly 35 years, Julian has the most UK’s leading fresh pork processors and service restaurants. Cranswick buys pig units from Dent Icelandic Group UK, became the first ever Wensleydale Creamery has secured EU comprehensive knowledge of the sector of ® manufacturer of added value pork products, In September Cranswick plc, advised by fish brand to make the annual CoolBrands Protected Geographical Indication (PGI) any practising mediator. He is able to bring CBD manufactures fudge pieces, announced the acquisition of East Anglian Rollits’ Senior Partner Steve Trynka, bought qualifying list for 2013/14. status for Yorkshire Wensleydale cheese his extensive experience to bear on the most butterscotch, honeycomb and other Pigs Limited (now Wayland Farms). EAP, two British breeding sow herds and added under the Protected Food Names scheme. complex food & drink disputes anywhere in confectionery products. OVF is a The Saucy Fish Co. is a remarkable success based in Norfolk, is involved in the breeding, 3,000 sows to its British pig herds, with This means that no cheese made outside of the world. Private equity continues to lead distributor of confectionery ingredients, story and became a £35m brand within rearing and finishing of British pigs with an units in Mansfield, Nottinghamshire and Wensleydale can use that name. inclusions and decorations. three years. It featured in the awards output of 6,000 pigs per week. The business another near York. If you are involved in a dispute and could is focused on premium outdoor pig-rearing, alongside brands such as Apple, Mercedes- benefit from a mediator with in-depth accredited under leading British welfare The purchase increased Cranswick’s British Benz and Stella McCartney. Crossing the Humber – understanding of the food & drink industry, the way in major food deals systems operated by the RSPCA (Freedom sow herd to almost 15,000 and Cranswick not by bridge! do call Julian on 01482 337304 or email Foods) and the Red Tractor scheme. EAP [email protected]. Chief Executive Adam Couch said: “It’s a Rollits host GM Lunch To celebrate his 60th birthday and to raise With greater confidence returning to the UK economy and the banks had gross assets of £11.8m. significant bolt-on to our existing herd”, funds for MacMillan Cancer Support, Rollits’ Together with clients Ulrick & Short, a emerging from their siege mentality, we have been anticipating an underlining Cranswick’s commitment to Partner Julian Wild completed five Big EAP was already a supplier to Cranswick’s leader in ‘clean label’ food ingredients, sourcing British pork. Swims in 2013, including swimming across uplift in M&A activity. 2013 witnessed some interesting and substantial Watton fresh pork processing facility Rollits held a lunch for senior executives the River Humber, swimming a stretch of in Norfolk, but continues as a separate in the food industry on 21 June 2013 to Information deals but they continue to be of a certain type and the great mass of the Thames near its source and completing operation with its own management team. debate the hot topic of GM foods. If you have any queries on any articles in small and medium size food businesses are just not moving. The EAP acquisition represented Cranswick’s Rollits sponsor the Great North Swim in Lake Windermere. this newsletter please contact: Julian Wild Crossing the strong currents of the Humber return to primary pig production. Jerry Houseago of Cert ID Europe, on +44 (0)1482 337304 or email Last year saw a number of predictable bought the unrelated Plum UK. Then in entailed swimming 4.3 miles and took 1 hour [email protected] new award at which is responsible for the Non-GMO private equity exits and, not too an unexpected move in July PZ Cussons Cranswick’s Chief Executive Adam 48 minutes. Fortunately, the Humber Rescue Standard recognised within the industry This newsletter is for the use of clients and surprisingly, the buyers were other private invested in Australia’s Rafferty’s Garden. Couch said that the strategic acquisition was on hand in case of emergencies. Deliciouslyorkshire as the benchmark for Non-GMO identity will be supplied to others on request. equity investors. In our review of deals from Have food manufacturers (and retailers) at “demonstrates Cranswick’s on-going It is for general guidance only. It provides preservation, spoke at the lunch in Hull. April onwards, we report on R&R Ice Cream long last woken up to the opportunity for commitment to, and greater control over, useful information in a concise form. being bought by PAI Partners, Tyrrells better quality baby and infant foods? a robust and integrated supply chain with a Food Awards Action should not be taken without Crisps acquired by Investcorp, Whitworths clear focus on premium, British ingredients”. obtaining specific advice. We hope you Rollits’ Food Group again hosted a table Premium and discount both have found this newsletter useful. sold to Equistone and Burton’s Biscuits And then we have seen a raft of strategic Rob Whitehead, the Chief Executive of leading food manufacturers at the If, however, you do not wish to receive going to Ontario Teachers’ Pension Fund. disposals by some of the larger food Rollits’ Managing Partner, Richard Field, and owner of Zubrance said: “CBD and trading strongly annual Deliciouslyorkshire Food Awards further mailings from us, please write to The only conclusion to be drawn is that, producers, deciding that they need to focus acted as lead legal adviser on the transaction. OVF will be working together to deliver The latest grocery share figures from Kantar at the National Railway Museum in York Pat Coyle, Rollits, Wilberforce Court, however well those businesses have been on their main activities. Mondelez, Unilever the technical support, new product Worldpanel for the 12 weeks to 5 January High Street, Hull, HU1 1YJ. Sale of Anglia Woods run by their previous financial owners, there and Bakkavor were all active in divesting ideas and great customer service which on 25 September 2013. 2014 show Aldi, Lidli and Waitrose continue The law is stated as at 1 February 2014. is yet more growth to be teased out. Time non-core businesses around the globe. Julian Wild, Head of Rollits’ Food Group In the same month Rollits’ Corporate both businesses are already renowned to record strong growth over the Christmas This time Rollits’ Julian Wild presented the will tell. But what is certain is that private Partner Nasim Sharf worked with for. We’ll be reaching a wider audience period. The online, convenience and Hull Office Suntory figured in some of the biggest award for the Best Sweet Preserve won by Wilberforce Court, High Street, equity managers are holding big funds and ambitions. Private equity investors are Corporate Finance Partner Julian Wild and adding depth and breadth to the premium sectors all performed well, which deals in the last 12 months with its Mercers of York. Hull HU1 1YJ they need to find a home. Very few private usually first to the party for high growth, and Senior Solicitor Kate Dixon on the specialist confections portfolio”. tells you everything you need to know about acquisition of the Lucozade and Ribena Tel +44 (0)1482 323239 equity investments ever seem to exit to branded businesses where the next exit is sale of the Anglia Woods Frozen Foods current market trends. brands from GSK and then its huge deal trade buyers. well laid out. But the vast majority of smaller (Grimsby) business to Michael I Holdsworth St Helen’s Farm sold to Kavli York Office to buy bourbon producer Beam Inc for an Limited, including the leasehold premises. Rowntree Wharf, Navigation Road, businesses, without well-known brands, just On 1 August St Helen’s Farm Holdings We also saw some activity from the eye-watering $16bn. Rollits were introduced to the owners of York YO1 9WE soldier on and remain wary of either seeking completed the sale of the St Helen’s Farm Tel +44 (0)1904 625790 turnaround private equity firms with Anglia Woods by long-established client UK retailers were not to be left out with a buyer or making further investments business, based at Seaton Ross near York, Endless refinancing its investment in Karro Chris Peck, the Chairman of Cooplands Hull – UK City of Culture 2017 www.rollits.com Tesco exiting its expensive venture in the themselves. Confidence is improving, but to the Norwegian Kavli Group, best known Food and Rutland coming to the aid of (Doncaster) Limited. US and merging its operation in China, caution remains the name of the game. for Primula Cheese. Rollits, which has been a leading law Authorised and Regulated by the Solicitors Bernard Matthews. firm in the city since 1841, is delighted Regulation Authority under number 524629 whilst Morrison made up for lost time by The purchasers commented: “Holdsworth St Helen’s Farm is the leading UK producer Rollits is a trading name of Rollits LLP. One category which saw an extraordinary investing in online retailer Ocado and then are delighted to announce that Anglia that Hull (home to William Wilberforce, of a range of fresh goats’ milk products, Rollits LLP is a limited liability partnership, amount of activity was the baby food market entering into a banana joint venture with Woods Foodservice of Grimsby has been Amy Johnson, Andrew Marvell and including liquid milk, yogurt, butter and registered in England and Wales, with a flurry of deals in May. Firstly, Ella’s Global Pacific. Also in this issue incorporated into its business, a move many others) has been named UK cheese. The purchase boosted Kavli’s UK registered number OC 348965, registered Kitchen was sold to the very acquisitive which will further strengthen Holdsworth’s City of Culture 2017. The firm, which office Wilberforce Court, High Street, Hull So what do we conclude from all of that? Month by month guide to mergers turnover to over £40m and Kavli’s UK MD, Hain Celestial, followed by Danone buying presence in the UK Foodservice market. includes Hull Truck Theatre amongst its HU1 1YJ. Trade buyers remain very thin on the and acquisitions Paul Lewney, said: “This acquisition is a the US organic business Happy Family and Holdsworth, like Anglia Woods, is a clients, looks forward to participating in ground other than those, such as Suntory, major step forward for our business and Julian is pictured here with Paul and A list of members’ names is available for Campbell Soup acquiring Plum Organics Rollits’ Food Deals family owned business and has been the many cultural activities coming up Campbell Soup and Hain Celestial (which demonstrates the confidence the Kavli Lizzie Mercer inspection at our offices. We use the term only months after that company had supplying caterers for over 40 years, Group has in the UK”. in 3 years’ time. ‘partner’ to denote members of Rollits LLP. added Tilda in January), with international News bites Page 2 Page 4 Food Group Focus Food Group Focus February 2014 February 2014

Scandinavian confectionery company Private equity investor KKR bought 9.5% of Private equity again led the way in the November 2013 Specialist agricultural and distribution Cloetta acquired UK gelatin-free candy Indonesian-listed noodle and rice group auction of snacking and bakery business business NWF bought Stone-based Alfred Jones (Warrington), one of the company Goody Good Stuff, which uses Tiga Pilar Sejahtera. Whitworths, which was sold by European animal feed manufacturer SC Feeds for largest independent Spar operators, sold bio-gum technology. Capital to Equistone for £90m. up to £6.7m. Month by month guide to Turnaround specialist Endless announced 33 convenience stores to One Stop Stores. Continuing the theme of technology the refinancing of Karro Food, the pork Northern Irish pork producer Flynns Fine Back to Nature Foods, a joint venture In a significant move in the co-op world, and health-driven acquisitions, Tate & business bought from Vion, with a new Foods (in administration) ceased trading between Mondelez and private equity Adams Foods, owned by the Irish Lyle bought Swedish oat beta glucan £60m debt package with GE Capital. with 40 job losses. Brynwood Partners, acquired SnackWell’s Dairy Board, entered into a strategic manufacturer Biovelop, based in Kimstad. cookie and cracker business from Mondelez. mergers and acquisitions Wynnstay agreed the purchase of partnership with First Milk to pack and One of the largest deals of the year saw August 2013 agricultural retail co-op Carmarthen and market its hard cheese. Arla purchased the freehold of the Kavli, the Norwegian owner of Primula China’s Shuanghui acquire US meat giant Pumsaint Farmers for £7.2m, funded Westbury dairy processing site from April 2013 Cheese, bought St Helen’s Farm, the UK’s The world’s largest salmon farmer, Norway’s Last month Baxters Foods bought Smithfield for $4.7bn. through a share placing. the Lloyds Bank receivers for an leading producer of goats’ milk products Marine Harvest, bought 25% of Grieg Melbourne-based Jensen’s Choice undisclosed sum. (see Rollits’ Food Deals). Genus acquired Génétiporc, the porcine Seafood for NOK634m. Foods – an organic sauce specialist – to June 2013 genetics business of Aliments Breton US company B&G Foods agreed to buy Exiting one of its most successful The long-awaited auction of Burton’s complete its third Australian acquisition. Foods based in Canada, with operations in January 2014 natural snack company Pirate Brands for investments, Langhom Capital sold Biscuits by Apollo and Canadian bank CIBC Whitewave Foods and Mengniu Dairy The company acquired Sole Mio in 2009 the US and Mexico and a joint venture in $195m from VMG Partners and others. premium crisp manufacturer Tyrrells to saw Ontario Teachers’ Pension Fund, the have formed a JV to produce and sell a and added Andrews Food Distributors the In yet another baby food deal in the year, Brazil, for £24.8m. following year. Bahrain-listed Investcorp for £100m. owner of Camelot, successfully backing the range of nutritious dairy products in China. Major Brazilian meat company JBS UK consumer goods company PZ Cussons Leading UK pork producer Cranswick management team led by Ben Clarke. The announced the purchase of poultry bought Australia’s Rafferty’s Garden for Roadside restaurant chain Little Chef Godiva owner Yildiz Holding bought In another deal last month cider and beer added 3,000 sows to its British pig herd asking price was reported to be £350m. business Seara Brasil and the Zenda leather £42m from private equity firm Anacacia after was sold to the Kuwaiti Kout Food Group DeMet Candy Co in the US from Brynwood group C&C completed the purchase of Irish with the purchase of two breeding sow operation from rival Marfrig for BRL5.85bn. regulators blocked an earlier deal with Heinz. for £15m. Malton hot dog maker Westlers changed Partners for $221m. Very swiftly Brynwood drinks wholesaler Gleeson Group for an herds in Nottinghamshire and Yorkshire enterprise value of €58m. hands again as Rcapital sold a controlling used that money to buy Joseph’s Pasta Co Canadian retailer Sobeys bought over Barry Callebaut completed its acquisition Unilever sold the Wish-Bone and Western from Penrith-based Thomas Dent (see stake to Dutch food group Zwanenberg. from Nestlé. Bewley’s acquired Bolling Coffee, the 200 Safeway stores in Western Canada, of the cocoa ingredients division of dressings brands to Pinnacle Foods in the Rollits’ Food Deals). together with manufacturing and Singapore’s Petra Foods for $860m. US for $580m. Blackburn bakery Sandersons Belgium produce group Univeg bought Meltham, Yorkshire, roasted coffee supplier Campbell Soup sold its European national distribution activities, in a C$5.8bn deal. Confectioners was bought out of Empire World Trade, a UK importer and with the Grumpy Mule brand and £7m UK speciality cheese importer Futura branded soups, sauces and meals business, Following on from the horsemeat affair, Family, based in New York. Around the Danone strengthened its position in the US administration and renamed Sandersons UK. turnover. It follows Bewley’s purchase of Foods sold a 44% stake in its business to distributor of top fruit. ABP announced the sale of its Silvercrest same time Danone announced it was China’s Mengniu Dairy offered $1.6bn for yogurt market by purchasing yogurt with including Erasco in Germany, to private Darlington’s Coffee in London in 2011. Danish dairy company Nordex Food. € frozen burger facility at Ballybay in Co. investing €325m in two JVs with Mengniu Hong Kong infant formula manufacturer toppings brand YoCrunch. equity firm CVC for 400m. December 2013 In a huge deal to start the New Year Capvest and Lantmännen have joined Yashili, but had to sell down a stake worth acquisitive Japanese drinks giant Suntory Monaghan to Kepak. Dairy in China. Bio-ingredients group Corbion completed Dole Food shareholders accepted an The farmer-owners of Wexford Creamery forces to create the biggest poultry $213m in November after failing to hit the October 2013 invested $16bn to acquire bourbon the sale of its international bakery supplies improved $1.2bn offer from Chairman and approved the €20m sale of the Irish dairy producer in Scandinavia following LDC bought D&D London, owner of 30 In the third baby/infant food deal in the 90% threshold for delisting. US Agrifood giant Cargill was reported company Beam Inc. business, including the brand CSM, to Rhône Chief Executive David Murdock. processor to Glanbia. Lantmännen’s sale of Kronfågel Group and restaurants mainly in major cities across month Campbell Soup bought US business as being close to purchasing the cocoa Campbell Soup bought Danish baked snack Capital for an enterprise value of £900m. Another highly acquisitive company, Hain CapMan’s disposal of Cardinal Foods. the world, from Conran Holdings and Plum Organics, which only in January Poole’s Pies, formerly owned by Wigan ingredients business of ADM valued at One of the UK’s largest outdoor-reared pig company Kelsen, owners of Kjeldsens and Celestial in the US, bought the UK rice Caird Capital. bought the unrelated UK baby food Gü founder James Averdieck bought a Athletic Chairman Dave Whelan, was sold in $2bn, but with divestments probable to producers Dent, based in Cumbria, went The Quatar Investment Authority’s Hassad Royal Dansk, from Maj Invest to grow its company Tilda. business Plum UK. controlling interest in dairy-free desserts a pre-pack to highly-acquisitive Leeds baker satisfy the European Commission. into administration. Food bought a majority stake in Bush Food trading company Lamex Food agreed presence in Asia. business Bessant & Drury. Country Style Foods. Bakkavor continued its divestment Foods Overseas, an Indian supplier to the acquisition of Serbian frozen fruit and Another acquisitive US company, Boulder AB Mauri agreed the purchase of bakery Having bought the Proper Welsh milk The purchase of Vion’s UK poultry programme, exiting Spring Valley Foods, food retailers and manufacturers. vegetable processor Mondi Serbia. Brands, acquired Davies Bakery in Cheshire, Bakery wholesaler Bako North Western Luke Johnson’s Risk Capital Partners ingredients supplier Gb Plange from a plant at Whitland from administrators business, with 12 processing sites, by 2 its South African prepared fruit business, a gluten-free business previously part of bought Bako London & South East, acquired a majority holding in restaurant subsidiary of Wilh. Werhahn. in March, Dairy Crest announced the Publicly-quoted pork processor Cranswick Sisters was approved by the OFT. to In2food. Roberts Bakery, for a reported £2.5m. including Anglian Bakery & chain Red Hot World Buffet owned by closure of the site. acquired East Anglian Pigs, a breeding, Hot on the tail of its exit from the US, Tesco US company TreeHouse Foods bought Catering Suppliers. Parmjit and Helen Dhaliwal. Also in tidying up mode, Unilever sold its rearing and finishing business, in Norfolk Arla Foods bought out the remaining 25% entered into a JV with state-owned China Dawn Meats revealed plans to buy a non- privately-owned dressings and mayonnaise US pasta factory to Philadelphia Macaroni (see Rollits’ Food Deals). stake in its Russian JV, Arla Foods Artis, in The delay in receiving UK Competition Coca-Cola FEMSA concluded a deal to Resources Enterprise to merge its 131 store controlling stake in French beef processor business Cains Foods for $35m. Company; and then sold its Royal pasta St Petersburg. Commission clearance was enough to buy Brazil’s second largest privately-owned network in China and take a 20% stake at a Elivia from its co-op owner, Terrena. The owners of Anglia Woods Foodservice brand in the Philippines to local group RFM Swiss dairy group Emmi acquired Italian improve the fortunes of Britvic and allow it Coke bottler Spaipa for $1.86bn. cost of £345m. concluded a deal with food service Going the other way, former Milk Link Bakkavor announced the sale of its ready for $48m. speciality dessert producer Rachelli with to reject the revised merger offer by AG Barr. distributor Holdsworth to sell their executives Neil Kennedy and Tim Smiddy Associated British Foods completed Trigon Snacks, the Liverpool nut business meals operation in the Czech Republic, Heli operations in more than a dozen countries. In the longrunning takeover saga, Bega business in and around the Grimsby area concluded the buy-out of long life milk FrieslandCampina acquired a 7.5% stake in the sale of PGP International’s whey known for the Planters and Big D brands, Food Fresh, to Yazico Investments. Cheese announced that it would sell its (see Rollits’ Food Deals). business Crediton Dairy from Arla Foods. In yet another major consolidation on the New Zealand infant formula manufacturer processing plant in Wisconsin to Grande was sold out of administration to the owners Bradford bakery Sparks Confectioners was stake in Australia’s Warrnambool Cheese This follows the 2012 merger of Milk Link European co-operative scene, two leading Synlait Milk through a IPO launched to Cheese Company. of Natco Foods. Orchard Valley Foods in Tenbury Wells bought out of administration by a subsidiary & Butter to Saputo. and Arla. French co-ops, Sodiaal and 3A, announced raise NZ$120m. entered into a strategic partnership with Vion concluded the sale of its animal of Country Style Foods. a merger. specialist ingredients business Confection Morrisons announced a £170m deal Mondelez sold the Huesitos and Tokke September 2013 by-products ingredients business to by Design, based in Harrogate, whereby with Ocado to take a 25 year licence of brands and chocolate processing at its In a significant, but not unexpected, Darling International for €1.6bn. OVF will become the sales, marketing and technology, logistics and distribution to July 2013 Ateca, Zaragoza, plant to Chocolates Valor. development Müller Dairy acquired local distribution partner for CBD into non-retail launch an online business, together with Philip Paul and Albert McGovern rival Nom Dairy with a modern yogurt Private equity investor CBPE bought into Crewe-based Conviviality Retail, owner of Côte Restaurants with 44 restaurants in R&R Ice Cream continued on its rapid markets (see Rollits’ Food Deals). half the capacity at the Dordon customer completed a MBO from Karro Foods facility in Telford. Bargain Booze, raised £64m when floated London and the UK regions. growth path with the £49m acquisition of fulfilment centre. of Enfield-based Bluebird Foods, a on AIM, allowing an exit for private equity Under-pressure turkey producer Bernard Skelmersdale-based Fredericks Dairies manufacturer of cooked and frozen meat May 2013 In an interesting diversification move backer ECI Partners. Matthews secured an investment in excess Danone teamed up with private equity Cott Beverages agreed the acquisition products formerly owned by Vion. from owners Frank and Phillip Frederick. But leading bread baker Warburtons acquired of £20m from turnaround private equity firm Abraaj to buy Fan Milk International, of the holding company of Calypso Soft AAK acquired Unipro, the leading supplier by the end of the month R&R itself, created Milton Keynes garlic bread manufacturer Provexis announced the demerger of its investor Rutland Partners. a dairy products and juice business in Drinks in Wrexham, aimed at bringing new of oils and fats in Turkey, from Unilever. through the merger of Richmond Foods Giles Foods, turning over £26m, in a deal Science in Sport (SiS) consumer sports West Africa. and Roncadin, had been bought by PAI soft drink packaging formats to the market. Japanese drinks giant Suntory, which bought reported to be worth over £10m. brand bought for €10m in June 2011. UK supermarket Morrisons entered a JV with Partners in a £716m deal, providing an exit Orangina Schweppes in 2009, pre-empted Finance Yorkshire invested £350,000 into In one of the more high profile deals of Global Pacific to acquire a banana plant in for Oaktree Capital Management. R&R later Nestlé continued the development of Dairy Crest reduced its exposure to the the auction by GSK for Lucozade and Leeds pancake maker Enjays, where serial the year US food company Hain Celestial, Boston from Fresh Del Monte Produce. announced the closure of its Leeds factory. its health science operation by acquiring middle ground liquid milk market by Ribena with a winning £1.35bn bid. food investor Howard Farquhar is Chairman. owners of Leeds-based Hain Daniels, Pamlab in Louisiana, a producer of selling its milk delivery business in the Long-established Hull frozen fish processor After the sale of its UK pork, red meat acquired organic baby food producer Ella’s Tesco finally concluded its unhappy exit United Biscuits acquired the Rana vitamin supplements to treat depression, North West of England to Eccles-based W.Simpson went into administration, Kitchen, founded by Paul Lindley. from the US by the sale of its Fresh & Easy Confectionery Products biscuit and poultry businesses, Vion UK closed diabetes and Alzheimers. It follows Nestlé’s Creamline Dairies for £1.15m, with the unable to withstand soaring haddock operation to Ron Burkle’s Yucaipa, together manufacturing business in Saudi Arabia, Welsh Country Foods, its Anglesey lamb investment in Accera, another US business Liverpool and Wirral business being sold In a similar vein Danone acquired 90% of prices. The fresh seafood business with related disposals and closures. joining with Middle East distribution processing plant. on to Mortons Dairies. US organic baby food company Happy focused on brain health. Copernus was unaffected. partner AZAQ. Page 5 Page 6 Food Group Focus Food Group Focus February 2014 February 2014 www.rollits.com February 2014 A reminder! Food Group Focus Are you are you looking Rollits’ Food Deals for a specialist Food & operating from 7 depots in Derbyshire, Julian Wild, Head of Rollits’ Food Group, News bites Yorkshire, Staffordshire, Bedfordshire, provided corporate finance advice on Drink Mediator? Worcestershire and Powys.” the sale and Rollits’ Senior Partner, Steve Mediation has become an increasingly Trynka, working with Commercial Partner important way to settle disputes and to avoid Confection by Design forge new link with Keith Benton and Senior Solicitor Kate the considerable cost of taking a matter to Orchard Valley Foods Dixon, advised on all legal matters. court or tribunal. Rollits has an accredited Rollits’ Commercial Solicitor James Peel team of mediators in its offices in Hull and advised Confection by Design Limited York, able to mediate in a wide range of (CBD), part of the Zubrance group of food commercial and family proceedings. companies, on a strategic agreement with Orchard Valley Foods Limited (OVF), Julian Wild, Rollits’ Corporate Finance based in Tenbury Wells. Partner and its Food Group Director, is an accredited mediator in accordance with Under the arrangement, concluded in the requirements of the UK Civil Mediation April, OVF became the exclusive sales, Council. He is a Member of The Association marketing and distribution ‘partner’ in Saucy Fish Co. one of the Yorkshire Wensleydale awarded of Northern Mediators and is on the panel the UK and Europe for CBD products of LawWorks. As someone who has worked Cranswick acquires East Anglian Pigs CoolBrands® of 2013/14 EU protected status sold to food manufacturers, foodservice, in and around the food & drink industry In April 2013 Cranswick plc, one of the homebake, restaurant groups and quick- Rollits’ client The Saucy Fish Co., owned by To the delight of Wallace and Gromit, for nearly 35 years, Julian has the most UK’s leading fresh pork processors and service restaurants. Cranswick buys pig units from Dent Icelandic Group UK, became the first ever Wensleydale Creamery has secured EU comprehensive knowledge of the sector of ® manufacturer of added value pork products, In September Cranswick plc, advised by fish brand to make the annual CoolBrands Protected Geographical Indication (PGI) any practising mediator. He is able to bring CBD manufactures fudge pieces, announced the acquisition of East Anglian Rollits’ Senior Partner Steve Trynka, bought qualifying list for 2013/14. status for Yorkshire Wensleydale cheese his extensive experience to bear on the most butterscotch, honeycomb and other Pigs Limited (now Wayland Farms). EAP, two British breeding sow herds and added under the Protected Food Names scheme. complex food & drink disputes anywhere in confectionery products. OVF is a The Saucy Fish Co. is a remarkable success based in Norfolk, is involved in the breeding, 3,000 sows to its British pig herds, with This means that no cheese made outside of the world. Private equity continues to lead distributor of confectionery ingredients, story and became a £35m brand within rearing and finishing of British pigs with an units in Mansfield, Nottinghamshire and Wensleydale can use that name. inclusions and decorations. three years. It featured in the awards output of 6,000 pigs per week. The business another near York. If you are involved in a dispute and could is focused on premium outdoor pig-rearing, alongside brands such as Apple, Mercedes- benefit from a mediator with in-depth accredited under leading British welfare The purchase increased Cranswick’s British Benz and Stella McCartney. Crossing the Humber – understanding of the food & drink industry, the way in major food deals systems operated by the RSPCA (Freedom sow herd to almost 15,000 and Cranswick not by bridge! do call Julian on 01482 337304 or email Foods) and the Red Tractor scheme. EAP [email protected]. Chief Executive Adam Couch said: “It’s a Rollits host GM Lunch To celebrate his 60th birthday and to raise With greater confidence returning to the UK economy and the banks had gross assets of £11.8m. significant bolt-on to our existing herd”, funds for MacMillan Cancer Support, Rollits’ Together with clients Ulrick & Short, a emerging from their siege mentality, we have been anticipating an underlining Cranswick’s commitment to Partner Julian Wild completed five Big EAP was already a supplier to Cranswick’s leader in ‘clean label’ food ingredients, sourcing British pork. Swims in 2013, including swimming across uplift in M&A activity. 2013 witnessed some interesting and substantial Watton fresh pork processing facility Rollits held a lunch for senior executives the River Humber, swimming a stretch of in Norfolk, but continues as a separate in the food industry on 21 June 2013 to Information deals but they continue to be of a certain type and the great mass of the Thames near its source and completing operation with its own management team. debate the hot topic of GM foods. If you have any queries on any articles in small and medium size food businesses are just not moving. The EAP acquisition represented Cranswick’s Rollits sponsor the Great North Swim in Lake Windermere. this newsletter please contact: Julian Wild Crossing the strong currents of the Humber return to primary pig production. Jerry Houseago of Cert ID Europe, on +44 (0)1482 337304 or email Last year saw a number of predictable bought the unrelated Plum UK. Then in entailed swimming 4.3 miles and took 1 hour [email protected] new award at which is responsible for the Non-GMO private equity exits and, not too an unexpected move in July PZ Cussons Cranswick’s Chief Executive Adam 48 minutes. Fortunately, the Humber Rescue Standard recognised within the industry This newsletter is for the use of clients and surprisingly, the buyers were other private invested in Australia’s Rafferty’s Garden. Couch said that the strategic acquisition was on hand in case of emergencies. Deliciouslyorkshire as the benchmark for Non-GMO identity will be supplied to others on request. equity investors. In our review of deals from Have food manufacturers (and retailers) at “demonstrates Cranswick’s on-going It is for general guidance only. It provides preservation, spoke at the lunch in Hull. April onwards, we report on R&R Ice Cream long last woken up to the opportunity for commitment to, and greater control over, useful information in a concise form. being bought by PAI Partners, Tyrrells better quality baby and infant foods? a robust and integrated supply chain with a Food Awards Action should not be taken without Crisps acquired by Investcorp, Whitworths clear focus on premium, British ingredients”. obtaining specific advice. We hope you Rollits’ Food Group again hosted a table Premium and discount both have found this newsletter useful. sold to Equistone and Burton’s Biscuits And then we have seen a raft of strategic Rob Whitehead, the Chief Executive of leading food manufacturers at the If, however, you do not wish to receive going to Ontario Teachers’ Pension Fund. disposals by some of the larger food Rollits’ Managing Partner, Richard Field, and owner of Zubrance said: “CBD and trading strongly annual Deliciouslyorkshire Food Awards further mailings from us, please write to The only conclusion to be drawn is that, producers, deciding that they need to focus acted as lead legal adviser on the transaction. OVF will be working together to deliver The latest grocery share figures from Kantar at the National Railway Museum in York Pat Coyle, Rollits, Wilberforce Court, however well those businesses have been on their main activities. Mondelez, Unilever the technical support, new product Worldpanel for the 12 weeks to 5 January High Street, Hull, HU1 1YJ. Sale of Anglia Woods run by their previous financial owners, there and Bakkavor were all active in divesting ideas and great customer service which on 25 September 2013. 2014 show Aldi, Lidli and Waitrose continue The law is stated as at 1 February 2014. is yet more growth to be teased out. Time non-core businesses around the globe. Julian Wild, Head of Rollits’ Food Group In the same month Rollits’ Corporate both businesses are already renowned to record strong growth over the Christmas This time Rollits’ Julian Wild presented the will tell. But what is certain is that private Partner Nasim Sharf worked with for. We’ll be reaching a wider audience period. The online, convenience and Hull Office Suntory figured in some of the biggest award for the Best Sweet Preserve won by Wilberforce Court, High Street, equity managers are holding big funds and ambitions. Private equity investors are Corporate Finance Partner Julian Wild and adding depth and breadth to the premium sectors all performed well, which deals in the last 12 months with its Mercers of York. Hull HU1 1YJ they need to find a home. Very few private usually first to the party for high growth, and Senior Solicitor Kate Dixon on the specialist confections portfolio”. tells you everything you need to know about acquisition of the Lucozade and Ribena Tel +44 (0)1482 323239 equity investments ever seem to exit to branded businesses where the next exit is sale of the Anglia Woods Frozen Foods current market trends. brands from GSK and then its huge deal trade buyers. well laid out. But the vast majority of smaller (Grimsby) business to Michael I Holdsworth St Helen’s Farm sold to Kavli York Office to buy bourbon producer Beam Inc for an Limited, including the leasehold premises. Rowntree Wharf, Navigation Road, businesses, without well-known brands, just On 1 August St Helen’s Farm Holdings We also saw some activity from the eye-watering $16bn. Rollits were introduced to the owners of York YO1 9WE soldier on and remain wary of either seeking completed the sale of the St Helen’s Farm Tel +44 (0)1904 625790 turnaround private equity firms with Anglia Woods by long-established client UK retailers were not to be left out with a buyer or making further investments business, based at Seaton Ross near York, Endless refinancing its investment in Karro Chris Peck, the Chairman of Cooplands Hull – UK City of Culture 2017 www.rollits.com Tesco exiting its expensive venture in the themselves. Confidence is improving, but to the Norwegian Kavli Group, best known Food and Rutland coming to the aid of (Doncaster) Limited. US and merging its operation in China, caution remains the name of the game. for Primula Cheese. Rollits, which has been a leading law Authorised and Regulated by the Solicitors Bernard Matthews. firm in the city since 1841, is delighted Regulation Authority under number 524629 whilst Morrison made up for lost time by The purchasers commented: “Holdsworth St Helen’s Farm is the leading UK producer Rollits is a trading name of Rollits LLP. One category which saw an extraordinary investing in online retailer Ocado and then are delighted to announce that Anglia that Hull (home to William Wilberforce, of a range of fresh goats’ milk products, Rollits LLP is a limited liability partnership, amount of activity was the baby food market entering into a banana joint venture with Woods Foodservice of Grimsby has been Amy Johnson, Andrew Marvell and including liquid milk, yogurt, butter and registered in England and Wales, with a flurry of deals in May. Firstly, Ella’s Global Pacific. Also in this issue incorporated into its business, a move many others) has been named UK cheese. The purchase boosted Kavli’s UK registered number OC 348965, registered Kitchen was sold to the very acquisitive which will further strengthen Holdsworth’s City of Culture 2017. The firm, which office Wilberforce Court, High Street, Hull So what do we conclude from all of that? Month by month guide to mergers turnover to over £40m and Kavli’s UK MD, Hain Celestial, followed by Danone buying presence in the UK Foodservice market. includes Hull Truck Theatre amongst its HU1 1YJ. Trade buyers remain very thin on the and acquisitions Paul Lewney, said: “This acquisition is a the US organic business Happy Family and Holdsworth, like Anglia Woods, is a clients, looks forward to participating in ground other than those, such as Suntory, major step forward for our business and Julian is pictured here with Paul and A list of members’ names is available for Campbell Soup acquiring Plum Organics Rollits’ Food Deals family owned business and has been the many cultural activities coming up Campbell Soup and Hain Celestial (which demonstrates the confidence the Kavli Lizzie Mercer inspection at our offices. We use the term only months after that company had supplying caterers for over 40 years, Group has in the UK”. in 3 years’ time. ‘partner’ to denote members of Rollits LLP. added Tilda in January), with international News bites Page 5 Page 6 Food Group Focus Food Group Focus February 2014 February 2014 www.rollits.com February 2014 A reminder! Food Group Focus Are you are you looking Rollits’ Food Deals for a specialist Food & operating from 7 depots in Derbyshire, Julian Wild, Head of Rollits’ Food Group, News bites Yorkshire, Staffordshire, Bedfordshire, provided corporate finance advice on Drink Mediator? Worcestershire and Powys.” the sale and Rollits’ Senior Partner, Steve Mediation has become an increasingly Trynka, working with Commercial Partner important way to settle disputes and to avoid Confection by Design forge new link with Keith Benton and Senior Solicitor Kate the considerable cost of taking a matter to Orchard Valley Foods Dixon, advised on all legal matters. court or tribunal. Rollits has an accredited Rollits’ Commercial Solicitor James Peel team of mediators in its offices in Hull and advised Confection by Design Limited York, able to mediate in a wide range of (CBD), part of the Zubrance group of food commercial and family proceedings. companies, on a strategic agreement with Orchard Valley Foods Limited (OVF), Julian Wild, Rollits’ Corporate Finance based in Tenbury Wells. Partner and its Food Group Director, is an accredited mediator in accordance with Under the arrangement, concluded in the requirements of the UK Civil Mediation April, OVF became the exclusive sales, Council. He is a Member of The Association marketing and distribution ‘partner’ in Saucy Fish Co. one of the Yorkshire Wensleydale awarded of Northern Mediators and is on the panel the UK and Europe for CBD products of LawWorks. As someone who has worked Cranswick acquires East Anglian Pigs CoolBrands® of 2013/14 EU protected status sold to food manufacturers, foodservice, in and around the food & drink industry In April 2013 Cranswick plc, one of the homebake, restaurant groups and quick- Rollits’ client The Saucy Fish Co., owned by To the delight of Wallace and Gromit, for nearly 35 years, Julian has the most UK’s leading fresh pork processors and service restaurants. Cranswick buys pig units from Dent Icelandic Group UK, became the first ever Wensleydale Creamery has secured EU comprehensive knowledge of the sector of ® manufacturer of added value pork products, In September Cranswick plc, advised by fish brand to make the annual CoolBrands Protected Geographical Indication (PGI) any practising mediator. He is able to bring CBD manufactures fudge pieces, announced the acquisition of East Anglian Rollits’ Senior Partner Steve Trynka, bought qualifying list for 2013/14. status for Yorkshire Wensleydale cheese his extensive experience to bear on the most butterscotch, honeycomb and other Pigs Limited (now Wayland Farms). EAP, two British breeding sow herds and added under the Protected Food Names scheme. complex food & drink disputes anywhere in confectionery products. OVF is a The Saucy Fish Co. is a remarkable success based in Norfolk, is involved in the breeding, 3,000 sows to its British pig herds, with This means that no cheese made outside of the world. Private equity continues to lead distributor of confectionery ingredients, story and became a £35m brand within rearing and finishing of British pigs with an units in Mansfield, Nottinghamshire and Wensleydale can use that name. inclusions and decorations. three years. It featured in the awards output of 6,000 pigs per week. The business another near York. If you are involved in a dispute and could is focused on premium outdoor pig-rearing, alongside brands such as Apple, Mercedes- benefit from a mediator with in-depth accredited under leading British welfare The purchase increased Cranswick’s British Benz and Stella McCartney. Crossing the Humber – understanding of the food & drink industry, the way in major food deals systems operated by the RSPCA (Freedom sow herd to almost 15,000 and Cranswick not by bridge! do call Julian on 01482 337304 or email Foods) and the Red Tractor scheme. EAP [email protected]. Chief Executive Adam Couch said: “It’s a Rollits host GM Lunch To celebrate his 60th birthday and to raise With greater confidence returning to the UK economy and the banks had gross assets of £11.8m. significant bolt-on to our existing herd”, funds for MacMillan Cancer Support, Rollits’ Together with clients Ulrick & Short, a emerging from their siege mentality, we have been anticipating an underlining Cranswick’s commitment to Partner Julian Wild completed five Big EAP was already a supplier to Cranswick’s leader in ‘clean label’ food ingredients, sourcing British pork. Swims in 2013, including swimming across uplift in M&A activity. 2013 witnessed some interesting and substantial Watton fresh pork processing facility Rollits held a lunch for senior executives the River Humber, swimming a stretch of in Norfolk, but continues as a separate in the food industry on 21 June 2013 to Information deals but they continue to be of a certain type and the great mass of the Thames near its source and completing operation with its own management team. debate the hot topic of GM foods. If you have any queries on any articles in small and medium size food businesses are just not moving. The EAP acquisition represented Cranswick’s Rollits sponsor the Great North Swim in Lake Windermere. this newsletter please contact: Julian Wild Crossing the strong currents of the Humber return to primary pig production. Jerry Houseago of Cert ID Europe, on +44 (0)1482 337304 or email Last year saw a number of predictable bought the unrelated Plum UK. Then in entailed swimming 4.3 miles and took 1 hour [email protected] new award at which is responsible for the Non-GMO private equity exits and, not too an unexpected move in July PZ Cussons Cranswick’s Chief Executive Adam 48 minutes. Fortunately, the Humber Rescue Standard recognised within the industry This newsletter is for the use of clients and surprisingly, the buyers were other private invested in Australia’s Rafferty’s Garden. Couch said that the strategic acquisition was on hand in case of emergencies. Deliciouslyorkshire as the benchmark for Non-GMO identity will be supplied to others on request. equity investors. In our review of deals from Have food manufacturers (and retailers) at “demonstrates Cranswick’s on-going It is for general guidance only. It provides preservation, spoke at the lunch in Hull. April onwards, we report on R&R Ice Cream long last woken up to the opportunity for commitment to, and greater control over, useful information in a concise form. being bought by PAI Partners, Tyrrells better quality baby and infant foods? a robust and integrated supply chain with a Food Awards Action should not be taken without Crisps acquired by Investcorp, Whitworths clear focus on premium, British ingredients”. obtaining specific advice. We hope you Rollits’ Food Group again hosted a table Premium and discount both have found this newsletter useful. sold to Equistone and Burton’s Biscuits And then we have seen a raft of strategic Rob Whitehead, the Chief Executive of leading food manufacturers at the If, however, you do not wish to receive going to Ontario Teachers’ Pension Fund. disposals by some of the larger food Rollits’ Managing Partner, Richard Field, and owner of Zubrance said: “CBD and trading strongly annual Deliciouslyorkshire Food Awards further mailings from us, please write to The only conclusion to be drawn is that, producers, deciding that they need to focus acted as lead legal adviser on the transaction. OVF will be working together to deliver The latest grocery share figures from Kantar at the National Railway Museum in York Pat Coyle, Rollits, Wilberforce Court, however well those businesses have been on their main activities. Mondelez, Unilever the technical support, new product Worldpanel for the 12 weeks to 5 January High Street, Hull, HU1 1YJ. Sale of Anglia Woods run by their previous financial owners, there and Bakkavor were all active in divesting ideas and great customer service which on 25 September 2013. 2014 show Aldi, Lidli and Waitrose continue The law is stated as at 1 February 2014. is yet more growth to be teased out. Time non-core businesses around the globe. Julian Wild, Head of Rollits’ Food Group In the same month Rollits’ Corporate both businesses are already renowned to record strong growth over the Christmas This time Rollits’ Julian Wild presented the will tell. But what is certain is that private Partner Nasim Sharf worked with for. We’ll be reaching a wider audience period. The online, convenience and Hull Office Suntory figured in some of the biggest award for the Best Sweet Preserve won by Wilberforce Court, High Street, equity managers are holding big funds and ambitions. Private equity investors are Corporate Finance Partner Julian Wild and adding depth and breadth to the premium sectors all performed well, which deals in the last 12 months with its Mercers of York. Hull HU1 1YJ they need to find a home. Very few private usually first to the party for high growth, and Senior Solicitor Kate Dixon on the specialist confections portfolio”. tells you everything you need to know about acquisition of the Lucozade and Ribena Tel +44 (0)1482 323239 equity investments ever seem to exit to branded businesses where the next exit is sale of the Anglia Woods Frozen Foods current market trends. brands from GSK and then its huge deal trade buyers. well laid out. But the vast majority of smaller (Grimsby) business to Michael I Holdsworth St Helen’s Farm sold to Kavli York Office to buy bourbon producer Beam Inc for an Limited, including the leasehold premises. Rowntree Wharf, Navigation Road, businesses, without well-known brands, just On 1 August St Helen’s Farm Holdings We also saw some activity from the eye-watering $16bn. Rollits were introduced to the owners of York YO1 9WE soldier on and remain wary of either seeking completed the sale of the St Helen’s Farm Tel +44 (0)1904 625790 turnaround private equity firms with Anglia Woods by long-established client UK retailers were not to be left out with a buyer or making further investments business, based at Seaton Ross near York, Endless refinancing its investment in Karro Chris Peck, the Chairman of Cooplands Hull – UK City of Culture 2017 www.rollits.com Tesco exiting its expensive venture in the themselves. Confidence is improving, but to the Norwegian Kavli Group, best known Food and Rutland coming to the aid of (Doncaster) Limited. US and merging its operation in China, caution remains the name of the game. for Primula Cheese. Rollits, which has been a leading law Authorised and Regulated by the Solicitors Bernard Matthews. firm in the city since 1841, is delighted Regulation Authority under number 524629 whilst Morrison made up for lost time by The purchasers commented: “Holdsworth St Helen’s Farm is the leading UK producer Rollits is a trading name of Rollits LLP. One category which saw an extraordinary investing in online retailer Ocado and then are delighted to announce that Anglia that Hull (home to William Wilberforce, of a range of fresh goats’ milk products, Rollits LLP is a limited liability partnership, amount of activity was the baby food market entering into a banana joint venture with Woods Foodservice of Grimsby has been Amy Johnson, Andrew Marvell and including liquid milk, yogurt, butter and registered in England and Wales, with a flurry of deals in May. Firstly, Ella’s Global Pacific. Also in this issue incorporated into its business, a move many others) has been named UK cheese. The purchase boosted Kavli’s UK registered number OC 348965, registered Kitchen was sold to the very acquisitive which will further strengthen Holdsworth’s City of Culture 2017. The firm, which office Wilberforce Court, High Street, Hull So what do we conclude from all of that? Month by month guide to mergers turnover to over £40m and Kavli’s UK MD, Hain Celestial, followed by Danone buying presence in the UK Foodservice market. includes Hull Truck Theatre amongst its HU1 1YJ. Trade buyers remain very thin on the and acquisitions Paul Lewney, said: “This acquisition is a the US organic business Happy Family and Holdsworth, like Anglia Woods, is a clients, looks forward to participating in ground other than those, such as Suntory, major step forward for our business and Julian is pictured here with Paul and A list of members’ names is available for Campbell Soup acquiring Plum Organics Rollits’ Food Deals family owned business and has been the many cultural activities coming up Campbell Soup and Hain Celestial (which demonstrates the confidence the Kavli Lizzie Mercer inspection at our offices. We use the term only months after that company had supplying caterers for over 40 years, Group has in the UK”. in 3 years’ time. ‘partner’ to denote members of Rollits LLP. added Tilda in January), with international News bites