The Bank provided a £14m debt finance package, plus a £3.5m working capital facility to support the buyout, which was led by private equity firm Hattington Capital.
Enterprise Foods which is based in East Kilbride and has Regional Operations Managers and Sales Representatives throughout the UK now anticipates a period of further growth, including new service lines, increased staff numbers and new customer relationships.
Founded in 1995, Enterprise Foods has grown turnover to a record £60m in the last decade.
The business helps more than 450 craft bakers, along with other local food and drink suppliers, to sell their goods to Enterprise’s network of 137 national blue-chip customers. The company delivers to 7,847 locations across the UK every day.
The business currently employs 40 people across the UK and expects further growth and investment after the buyout.
By connecting small producers with large retail and foodservice buyers, Enterprise Foods enables customers with sites around the country to offer local craft products. It also increases suppliers’ sales volumes, gives speciality producers access to a national customer base and reduces administration costs in a traditionally fragmented supply chain.
Tony Moloney, Chief Executive of Enterprise Foods, said: “This is an exciting time for Enterprise Foods. We have partnered with Hattington Capital, and with the help of Yorkshire Bank, have secured the investment required for our five-year growth strategy. I am very proud of the growth the team at Enterprise have achieved over the past seven years and extremely excited about the journey ahead “
Owen Malton, Head of Corporate Banking at Yorkshire Bank West Region, said: “In recent years Enterprise Foods has grown to become one of the largest businesses of its kind. Its innovative and customerfocused approach is beneficial for both sides – the producer achieves sales and exposure through a trusted partner while the buyer is able to provide a quality product for demanding customers.
“The management team at Enterprise Foods has shown a real commitment to grow and invest in the business’ continued development. As we continue to see signs of economic recovery, we remain committed to supporting the growth intentions of entrepreneurial and ambitious businesses such as Enterprise Foods. It is transactions like this that really demonstrate the impetus in the leverage market.”
This is an exciting time for Enterprise Foods. We have partnered with Hattington Capital, and with the help of Yorkshire Bank, have secured the investment required for our five-year growth strategy.