01 Sep 2020

Momentum Corporate Finance LLP is delighted to announce the completion of its latest transaction, having advised the management team of Forthglade Foods Ltd in a secondary buyout, backed by IK Investment Partners.

This is Momentum’s third successful completion of the summer, following on from the sale of Naimuri Limited to QinetiQ Group PLC and the sale of Techmodal Limited to BAE Systems PLC.

Forthglade is a fast-growing UK based natural pet food brand, producing premium wet and dry dog food and treats. The Company was founded in 1971 and has been led by Gerard Lovell and Chris Brooking since their management buyout in 2011 and subsequent investment by Piper in 2015. IK will acquire a majority stake in Forthglade, with the management team reinvesting alongside.

The Company recently opened a state-of-the art factory in Devon, which produces the business’ natural wet dog food and has significant additional capacity to support future growth. Forthglade has also successfully launched ranges of cold pressed natural dry food and hand baked dog treats, which are key growth areas for the Company. With IK’s investment, Forthglade plans to increase brand awareness and distribution to drive growth in the UK and overseas. IK will also support Forthglade’s ongoing digital development, as well as further expansion in the business’ product range and growth in its manufacturing capabilities. 

“We thoroughly enjoyed working with Momentum.  Management buyouts are, by their nature, complex transactions and we were delighted to have Rob and the team alongside us as our independent advisors throughout this transaction.

They worked seamlessly with both buy and sell side teams, helping move the deal forwards. They listened to each individual manager’s objectives and, using their experience and knowledge in structuring private equity transactions, they were able to guide us through to the right deal.  We would not hesitate in recommending them to any management team considering a transaction of this nature.

We are delighted to partner with IK for the next stage of our growth. With their experience across food production and animal health and an established Pan-European footprint, they are well placed to help us grow our offering and enter new markets. We have exciting plans ahead as we look to expand our success in wet into cold pressed and treats, and we see a strong runway for growth ahead.”

Gerard Lovell, Joint Managing Director of Forthglade
“Forthglade is an excellent business and a great fit for our investment strategy. We have been very impressed with the achievements of Gerard, Chris and the rest of team in growing the business in recent years, and we are delighted to be backing them in the first investment made by IK’s new UK investment team. The market for natural pet food in the UK is particularly strong and resilient, and we see significant further growth potential for Forthglade in the UK and beyond in the years to come. With our strong track record in supporting growing food production and animal health companies, we look forward to similar success with Forthglade.”
Tom Salmon, Partner at IK

“Congratulations to Gerard, Chris and the whole Forthglade team in the successful completion of their secondary buyout backed by IK.  We are delighted to have been able to advise management on this transaction.

Forthglade is a rapidly growing consumer branded business led by a high-calibre management team and we are confident that it will continue to thrive alongside its new backer.  This deal highlights that, despite the current macroeconomic uncertainty, there is still strong private equity appetite for high-quality assets such as Forthglade.

Momentum has over 15 years’ experience of advising management teams in situations such as these, with our dedication, expertise and ability to deploy senior resource making us an ideal choice of management advisor.
It has been another successful summer for Momentum with three deals completed in rapid succession. We are passionate about working with high quality businesses and it has been very pleasing to complete deals across a range of sectors, despite the challenging circumstances caused by COVID-19.”

Rob Crews, Partner at Momentum Corporate Finance LLP