Investment backs growth for MBO food business

Background

Anglia Crown Ltd is the only independent chilled and frozen prepared meal manufacturer to the healthcare sector in the UK. Founded in 1992, the business has historically focused on the healthcare sector, working with over 100 hospitals in the UK.

In 2018, the senior management team completed a management buy-out with a plan to develop new products and target new markets. The business had been under-invested by the previous owners, and the new owners required financial investment and operational expertise to support their ambitious growth plans.

Action

When our Corporate Finance team was introduced to the business, it had limited working capital available, and needed to find a suitable long-term investor as soon as possible. We were engaged to rapidly run and manage a competitive capital raising process with selected private equity houses.

Acting as lead adviser, we project managed the process from inception to completion, and negotiated with numerous external stakeholders to facilitate a successful deal.

Outcome

Hilco Capital invested in the business and also provided a significant working capital and capex funding facility. This enabled the shareholders to focus on implementing their growth plans while also receiving operational support from the investors.

Our approach allowed management to continue running and growing the business while we secured a partner willing to provide long-term financial and operational expertise.