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The deal

Investing in a leading B2B dairy ingredients player


Deal size, August 2018

Fund III

Realised investment

The teams

Management Team

Chair: Per Harkjaer

CEO: Raj Tugnait

The story

Meadow is a leading B2B player in sustainable dairy, confectionery and plant-based ingredients in the UK.

The business supplies a wide array of ingredients to food manufacturers, which includes products such as milk, cream, butter, cultured dairy, chocolate crumb and inclusions. It is differentiated through its scale, manufacturing capability, technical expertise and B2B focus which are all underpinned by well-invested facilities over five BRC accredited sites. This has resulted in the business becoming an important supplier for many major food brands. It is a market leader for sustainability in the industry targeting net zero operational sites by 2030 and to be fully net zero by 2050.

In 2018 Exponent partnered with the founding family and management team to acquire the business. We were attracted by the business’ unique position in a sizeable and defensible market, and are excited by the opportunity to further its capability and track record in product innovation.

Meadow’s most recent Corporate Social Responsibility Policy can be found here

In November 2023 Exponent sold a portion of its stake in Meadow to Fairfax Financial Holdings Limited (‘Fairfax Financial’).