UK – Bright Blue Foods Limited, manufacturer of a wide range of quality cakes has announced that it has reached an agreement to acquire the cake and dessert manufacturing facility in Hull from Greencore PLC.
The cake and desserts manufacturing facility will operate under the leadership of Jonathan Lill as CEO who will receive support from BBF Board of Directors.
According to the terms of the acquisition, the Hull site will operate under the trade name BBF (Hull) Ltd expected to realise about US$196 of sales transacted in a single year.
“This is a really exciting time for our company, our people and our customers.
The product range and customer base from both businesses are very complementary.
BBF is entirely focussed on the bakery sector and this acquisition will be transformational for our business.
We are committed to continue to invest in the category and deliver great quality, service and innovation to our customers,” said Jonathan Lill, CEO of BBF.
These latest moves by Greencore are due to financial instabilities that saw the closure of its dessert facility at Evercreech affecting hundreds of employees.
The sale of the two facilities, the Hull and Evercreech manufacturing facilities may mean that Greencore will no longer operate in the cakes and desserts sector in the UK.
Bright Blue Foods’s investment marks the company’s commitment in providing customers with quality and innovative cakes as it focuses on the growth of the business in the bakery sector.
Apart from ‘Bronte Cake Co.’, ‘Hoppers Farmhouse Bakeries’, ‘Mrs Peek’s’ and ‘Say It With Cake’ brands BBF offers, the company will also benefit from an expanded portfolio acquired from Greencore.
BBF company was acquired by private equity investor firm, Endless in 2015 which was keen to support it in deliver on its growth plans.
“We have assembled an outstanding Management team at BBF, led by Jonathan.
This acquisition will double the size of BBF and will enable the business to maximise opportunities in this category through its enhanced product offering and scale.
We are delighted to support BBF with this deal, which once again showcases our expertise in acquiring non-core assets from large corporates and is a great way to start 2018,” said Richard Harrison, Investment Director at Endless.