Savoury giant agrees sale to equity firm
ADDO IS HOME TO SOME OF UK’S BEST-LOVED BRANDS
ONE of Nottingham’s biggest companies has been sold for an undisclosed sum.
Addo Food Group, the UK’S leading producer of savoury pastries, has been acquired by European private equity firm PAI Partners.
The company, whose headquarters is based at Queens Drive Industrial Estate, makes 297 million products each year including sausage rolls, scotch eggs and pies for some of the UK’S best-known brands, such as Pork Farms, Wall’s, Bowyers and Millers Bakery.
The sale, announced by mid-market private equity firm LDC, follows a three-year partnership that saw the business invest heavily in product innovation to meet increased demand for plant-based products.
This included the recently-launched vegan sausage rolls for Wall’s and Pork Farms’ first Porkless Pork Pie and the partnership also drove growth across its customer base of leading UK retailers and supermarkets.
Environmental sustainability has also been a major focus for Addo in recent years. In 2019 the business achieved its target of reducing plastic waste at its Riverside site by 100 tonnes. It has now expanded this commitment to reduce plastic waste by 20 percent before the end of 2025, and food waste by 50 percent by 2030.
The acquisition by PAI Partners will underpin the next stage of the firm’s growth strategy.
Deborah Bolton, CEO of Addo Food Group, said: “This milestone follows three years of successful partnership with LDC, they have been a great supporter of our group and their investment and backing has been shown in the growth we have seen under their tenure.
“We’re now in a market leading position, with a more diverse portfolio, and better-invested manufacturing facilities and we are looking forward to the next stage of our journey.”
Paul Monk, chairman of Addo Food Group, added: “I’ve worked with LDC on several business transformations and, as always, they have been a great partner on the Addo investment. As well as being the major shareholder, the LDC team contributed positively to strategic decision making and were supportive of management on the dayto-day running of the business.”
Andy Grove, chief investment officer at LDC, added: “Addo is home to some of Britain’s best loved and most iconic savoury brands, and it’s been a pleasure to support the growth of the business.
“When we first invested in 2017, the team’s commitment to their customers shone through. They’ve since made real progress and the team remains as ambitious as the first day we met. We’re excited to see what lies in store for them.”
Alongside its acquisition of Addo Food Group, PAI Partners has announced the simultaneous acquisition of chilled foods supplier Winterbotham Darby (Compleat Food Group), which also marks an exit for minority shareholder LDC.
PAI Partners plans to bring the two businesses together under one platform. The completion of the transaction is subject to the customary regulatory approvals.