Momentum advise on the buyout of leading cake and dessert manufacturer Ministry of Cake from Greencore plc. in a transaction supported by LDC.
Having reported significant revenue growth in recent years, Ministry of Cake has an annual turnover of £25 million and employs more than 250 people.
Headquartered in Taunton in Somerset, Ministry of Cake (“the business”) is a leading manufacturer of own-label cakes and gateaux, primarily for the foodservice market. The business is the UK’s market leader in the production of chocolate fudge cake and has a diverse product range that includes some of the most popular desserts found on pub and restaurant menus across the UK.
Ministry of Cake produces around 2 million slices of cake every week for its growing customer base that includes some of the leading names in the foodservice, catering and wholesale industries, such as Brake Brothers, 3663, Caffé Nero, Pizza Hut, Hard Rock Café, Makro and Booker.
Originally established in Yeovil in 1865 by legendary sweet entrepreneur William Tanner Maynard, Ministry of Cake was acquired by Ireland-headquartered convenience food producer Greencore plc in 2007.
Momentum acted as lead advisor, working with management and the financial institutions. Momentum’s team was led by partners Alastair Boorman and Rob Crews, who have had a long standing relationship with the management team.
The multi-million pound transaction was supported by leading mid-market private equity provider LDC, with a senior debt package provided by HSBC. Alistair Pendleton, Investment Director and Head of LDC’s Bristol office, led the deal for LDC, supported by Pete Latham. Both will join the board as Non-Executive Directors with immediate effect.