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Exponent Private Equity (“Exponent”) announces the completion of the acquisition of the Meat-free business of Premier Food plc (“Premier Foods”).
The acquired business, which manufactures and sells products under the Quorn and Cauldron brands, will form the new international food company, Quorn Foods.
Exponent announced the initial terms of the transaction, which represented an aggregate consideration of £205m on a debt free and cash free basis, in January 2011. The transaction was approved by the shareholders of Premier Foods at a general meeting earlier this month.
Quorn Foods makes and markets Quorn, the UK's No.1 meat alternative brand, and Cauldron, the UK's No.1 tofu brand. Quorn is already sold in ten countries worldwide, including a rapidly growing business in the US, with ambitions to further grow its international presence. It currently has three manufacturing sites in the United Kingdom and employs approximately 595 people.
Under Exponent's ownership the management team will continue to be led by Kevin Brennan, who will become CEO of the new business. He will be supported by Clive Sharpe as Chairman. Clive has considerable experience in running food businesses with private equity backing.
Commenting on the acquisition, Chris Graham, Founding Partner, Exponent, said: “We believe that Quorn Foods, which already has a strong brand and loyal customer base here in the UK, has significant potential to grow its domestic market share as well as expanding internationally. Additional investment in advertising campaigns and innovative product development will help Quorn Foods to achieve its aim of becoming the world's leading meat-alternative business.”