Limerston Capital Exits Village Bakery to French Strategic Acquiror Following Three Years of Strong Growth
10 July 2024 - 11:54PM
Business Wire
Limerston Capital, the UK mid-market private equity investment
firm, has completed the exit of Village Bakery, the premium private
label baked goods company to the leading French value-added
industrial bakery business, Groupe Menissez, delivering a return in
excess of 3.5x MoM and 50% IRR.
Village Bakery produces baked goods at scale for leading brands
across the retail, hospitality and food service sectors in the UK
including Marks & Spencer, Tesco, the Co-op and Sainsbury’s.
Limerston invested in Village Bakery in 2021 and has overseen a
period of investment and rapid growth including the opening of a
new 140,000 sq ft ‘super bakery’ at the company’s headquarters in
Wrexham, UK and the near doubling of staff numbers taking the
company to a team of over 900 employees. The bakery now features
three new ‘state-of-the-art’ automated lines producing top quality
bread rolls, sourdough loaves and pancakes for its customers.
Limerston Capital is a private equity firm targeting UK
businesses with EBITDA of between £5 million and £15 million. It
partners with management teams to help build them into industry
leaders through buy-and-build and operational transformation.
The transaction is Limerston’s third exit from its first fund,
Limerston Capital Partners I.
João Rosa, Founding Partner, Limerston Capital commented: “We
are delighted to have exited Village Bakery ahead of plan,
following a period of significant investment, development and rapid
growth for the company.”
“Supported by the Limerston operating partners, the Village
Bakery management team deserve enormous credit for their commitment
and diligence in delivering the highest standards of product
quality and best-in-class service to their loyal customers while
doubling Group sales since the opening of the super-bakery. We wish
the team well and we are delighted that Groupe Menissez will be
overseeing the company’s next phase of growth.”
Robin Jones, CEO and co-owner, said: “I would like to thank
Limerston Capital and their team for their input, support and
playing their part in growing Village Bakery into what it is today.
We can all be very proud of our achievements over the past three
years, the quality of the platform that we have built and the
exciting future for the business working with Groupe Menissez.”
Stephens acted as financial advisor and CMS Law acted as legal
advisor to the sellers. KPMG (financial & tax) and PwC
(commercial) provided vendor due diligence.
About Limerston Capital
Founded in 2015 by James Paget, João Rosa and Martim Avillez,
London based Limerston Capital pursues control investments in UK
mid-market companies and seeks to create value through the firm’s
buy-and-build and operationally focused model. The firm targets
businesses with EBITDA of between £5 million and £15 million that
have a solid value proposition, but have potential for operational
improvements, have mispriced underlying returns on capital and
provide opportunities for strategic repositioning via
consolidation.
About Groupe Menissez
Based in Feignies, France, Groupe Menissez is a family business
founded in 1965 and owned by Laurent Menissez and his family. Its
bakery business generates group sales of around €600mm. Groupe
Menissez has become one of the world's leading value-added
industrial bakers, with products tailored to its customers (bake at
home, modified atmosphere packaging and fresh products). With this
investment, Groupe Menissez continues to grow following its
partnerships with Boulart in Canada, Délice de France in the UK,
Van Roy in the Netherlands and Lemarié Patissier in France.
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version on businesswire.com: https://www.businesswire.com/news/home/20240711714159/en/
For more information, please contact: Martim Avillez, Limerston
Capital Founding Partner martim.avillez@limerstoncap.com +44 (0)203
897 1860
Media: Caroline Villiers cvilliers@keplercomms.com +44 (0)7808
585184 Charlotte Balbirnie cbalbirnie@keplercomms.com +44 (0)7989
528421