Ministry of Cake sold to Greencore
The Somerset-based company has been sold to the Irish food manufacturer
Dessert manufacturer Ministry of Cake has been sold to the Irish food company Greencore Group for an undisclosed sum.
Ministry underwent a management buy-out backed by Matrix Private Equity in 2005 and since then the business has grown to produce revenues of £15m. Major customers include the key foodservice distributors and pub groups, including Brake Brothers, Spirit Group and the Hard Rock Café Group. However, following numerous approaches the company appointed finance boutique Livingstone Partners to lead a sale. Formal discussions about the sale of the business with prospective buyers began in the Autumn. The sale to Greencore is being decribed as a natural fit as the Irish company already has a cakes and desserts division. Director Tom Phipps said: “Ministry of Cake received a number of approaches over the last 12 months, however Greencore were best positioned to grow the company as they have a complementary cakes and desserts business serving a number of the major multiples.” Ministry of Cake managing director Chris Ormrod added: “Livingstone negotiated a deal which all of the shareholders were happy with and we are looking forward to the next phase in our business growth. “We enter 2008 confident that Greencore will be an outstanding partner to assist us to achieve our goals and strategy.” © Crimson Business Ltd. 2007