Wednesday March 17, 2021

Corporate Finance team advises on sale of branded food manufacturer.

We’re pleased to have advised the shareholders of paneer-maker Everest Dairies, in a deal that sees it acquired by Vibrant Foods, the UK’s largest Asian food group.

Our Corporate Finance team initiated and advised on the transaction, which sees Vibrant Foods take a 100 per cent stake in the business to expand its growing portfolio of South Asian foods. Founded in 1997, Everest Dairies is led by Haroon Shaikh and Inayat Fatiwala, and has grown to become the UK’s largest paneer-maker and a major supplier of set yoghurts and ghee to the retail and food service sectors. The company has delivered consistent organic growth throughout its history and, despite being a supplier to the food service sector, proved resilient during 2020 with revenue growth as a result of exceptionally strong retail sales.

The new partnership will bring Everest Dairies into Vibrant Foods’ portfolio, alongside the well-loved and recognised Asian food brands of TRS, East End and Cofresh.

Haroon Shaikh and Inayat Fatiwala will support the transition of Everest’s 43-strong team into the Vibrant Foods stable over the coming months, before focusing on their other business interests moving forwards.

Our Corporate Finance team, led by Director, Harry Walker and Senior Manager, Fahim Kassam, advised Everest Dairies on the strategic sale, with the team brought on board due to their sector experience, local presence and strong track record of mid-market deal execution. They were able to secure a positive exit route for the owners while supporting the future growth ambitions of the business.

Co-Founder and Managing Director of Everest Dairies, Haroon Shaikh, said: “It has been a wonderful 23 years building this business. As a family, we have seen our brand reach more and more homes. It is testament to the hard work and dedication of our team, and we owe our success to them. There’s a massive opportunity for paneer to find new fans across Europe, as cuisines and cultures fuse, and meat-free eating becomes the norm. We know that Vibrant Foods’ track record of investing and growing great family businesses is second-to-none and, with their investment and expertise, the true potential of this brand can be met. I know they will do us proud.”

FRP Corporate Finance Director, Harry Walker said: “Haroon and Inayat have built an exceptional business with outstanding growth potential. Vibrant Foods represents a great home for Everest and offers the opportunity for both businesses to grow in new markets. This deal demonstrates our ability to deliver strong results for our clients, even in challenging market conditions and adds to our credentials in the branded consumer space.”