Bright Blue Foods (“BBF”) has agreed to acquire Greencore’s Cakes and Desserts Business, supported by funding from Stage Capital and Endless.
This acquisition will be transformational for the business – the combined company will have turnover in excess of £140m a year and employ over 2,000 people across five sites.
Following completion, expected in February 2018, the Cakes and Desserts Business will trade under the name of BBF (Hull) Ltd and will be led by Jonathan Lill.
Jonathan Lill, BBF’s CEO, said: “This is a really exciting time for our company, our people and our customers. The product range and customer base from both businesses are very complementary. BBF is entirely focused on the bakery sector and this acquisition will be transformational for our business. We are committed to continue to invest in the category and deliver great quality, service and innovation to our customers.”
This acquisition continues Stage Capital’s buy and build strategy to create mid-market PE-backed industry leaders, having recently invested further into platforms Horizon and Centurion.