Management buy-out of Lowthers Food Group
Primary Capital is pleased to announce the management buy-out of Lowthers (Cakes) Limited, Furniss Foods Limited and Cookie Coach Company Limited from Eurobake Services Limited, a subsidiary of the Luxembourg-based Artal Group, one of Europe’s largest food manufacturers. The companies being acquired will form the Lowthers Food Group.
Lowthers Cakes was formed in 1881 in Wigan and is principally a high volume manufacturer of jam tarts and mince pies for the major grocery multiples. Furniss Foods, based in Redruth, Cornwall was founded in 1886 and is a manufacturer of high quality biscuits, flapjacks and food ingredients. Cookie Coach is a national operation of vans, distributing ambient bakery products to UK convenience stores and catering outlets.
The management team is led by Richard Adams, Chairman, and Joe Tattersall, Chief Executive. In 1996, the companies achieved sales of over £19 million and pre-tax profits of £1.1 million. The group employs some 260 people.
Contact Jackie Adams for more information
Tel: +44(0) 20 7920 4800