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ekaterra is the world’s leading Tea business, with a portfolio of 34 brands including Lipton, PG tips, Pukka, T2 and TAZO®. With 11 production factories in 4 continents and Tea estates in 3 countries, ekaterra is growing a world of wellbeing through the regenerative power of plants. The business generated revenues of around €2 billion in 2020.

The super-premium plus segment of the rum category is in the early stages of premiumisation, with a compound annual growth rate (CAGR) of 18% in Europe and 27% in the US between 2016-2021. Through the same period, Don Papa Rum consistently outperformed the market in Europe, delivering a 29% CAGR*.

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Launched in 2012 by entrepreneur Stephen Carroll, together with Manila-based AJ Garcia, Don Papa is currently available in 30 countries, with France, Germany, and Italy being its largest markets. Don Papa Rum has a unique flavour profile, highly distinctive packaging and an authentic brand story rooted in the unique and beautiful island of Negros Occidental — known locally as ‘Sugarlandia’.

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The rum is distilled in the Bago distillery on the island and aged on the island in American oak barrels. The combination of the local sugar cane, unique soil and climate and the oak barrel ageing in the hot tropical climate provides the foundation for Don Papa’s long, rich-textured finish, which carries flavours of vanilla, honey, and candied fruits.

The Snowfox Group has established itself as a highly reputable global sushi platform, fulfilling increased consumer demand for Japanese food across its four distinct brands – Snowfox, Bento, Taiko and YO! in North America and the United Kingdom. The Group provides consumers with high quality, convenient and affordable Japanese food and operates approximately 3,000 chef-operated sushi kiosks and other restaurants in North America and the UK, as well as being a sushi manufacturer and wholesaler.

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Spayne Lindsay is pleased to have advised Mayfair Equity Partners LLP from start to finish of their investment journey, having advised on the initial acquisition of YO! Sushi, the UK‐focused sushi restaurant business known for its innovative conveyor belt and an iconic consumer brand in 2015, as well as the subsequent acquisitions of Bento Sushi (2017) and SNOWFOX® (JFE Franchising, Inc.) (2019) that formed key parts of the successful buy & build strategy, through to the ultimate exit to a highly strategic international trade buyer.

Gü is the clear leader in the UK chilled desserts market. Its restaurant-quality desserts are much loved by consumers and have led the growth of the premium segment for retailers. In recent years, it has expanded into new and growing categories such as Free-From. Gü also has a strong and growing presence in France and Germany.

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Noble Foods acquired the brand in 2010 and has supported its growth over the last ten years, including by investing in a state-of-the-art manufacturing facility in Bishop’s Stortford which opened in 2018. Last year it drove the brand to the top spot in the chilled dessert category, with retail sales value up +25% YoY to more than £69m – the second consecutive year Gü achieved double digit growth. Growth has been underpinned by continued product innovation, which has seen the business grow its range of Cheesecakes, Mousse and Hot Puds. Its newest range – Gü Inspirations, based on bakery favourites – was successfully launched earlier this year and there is a large pipeline of further products already in development.

Strong Roots focuses on simple, real food that’s good for the planet and for people. They have developed a range of on-trend vegetable forward dishes, including meals, sides and snacks, which complement McCain’s current portfolio and will ensure customers and consumers worldwide get better access to high-quality, sustainable food.

The two businesses share a deep focus on environmental sustainability with McCain committing to implement regenerative agriculture practices across 100% of its potato acreage by 2030, and Strong Roots B Corp status.

The two brands previously announced a strategic partnership in 2021, with McCain investing to expand Strong Roots' product offering and bring vegetable forward, environmentally responsible food choices to more consumers around the world.

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Founded in 1934, The Jones Village Bakery Group is a Welsh company that produces a range of premium, artisan-inspired bakery products that are unique in the UK and Europe.

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As part of this transaction the Menissez Group will partner with the Jones family and with Management.

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The Menissez Group and The Jones Village Bakery Group share common family values and a long-term development plan, both in the UK and internationally, which will enable them to offer their customers a wider range of high added-value bakery products that are unique in the market.

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Little Moons was founded in 2010 by siblings Vivien and Howard Wong, inspired by their parents' bakery and their passion for quality, taste, and craftmanship. Little Moons makes "ice cream from another world" – bite-sized balls of artisanal gelato wrapped in a layer of mochi dough.

Little Moons ice cream bites boast intense flavour without preservatives or artificial ingredients, addressing both indulgence and health trends. As one of the fastest growing food brands in the UK, the Company's highly differentiated product is sold to both restaurants and stores, generating high brand traction and demand across a broad range of engaged and passionate consumers.

With L Catterton's support, Little Moons will be positioned to accelerate its growth and international expansion.

Founded in 2009 by James Orr, Crosta & Mollica is a B-Corp certified branded grocery business achieving exceptional growth through the contemporary reimagining of Italian classics across multiple categories. Authentically ‘Made in Italy’ using premium ingredients and regional recipes, the brand has established a devoted following amongst consumers and can be found in leading supermarkets in the UK and across Europe.

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Perwyn will support the business as it continues apace with its international expansion whilst maintaining momentum in the UK through sustained product innovation, exceptional customer service and brand investment. James and the incumbent team will remain with the company and be joined on closing by David Milner, a highly experienced food executive who arrives as Chairman having held leadership positions at Tyrrells, Lily’s Kitchen and St Pierre.

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Spayne Lindsay is delighted to announce that it has advised Symprove, the scientifically-proven, direct-to-consumer brand disrupting the £35bn probiotics market, on the sale of a majority stake to bd-capital.

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Symprove is a liquid supplement containing live, active multi-strain bacteria.  Its patented delivery system allows the bacteria to “arrive, survive and thrive” in the gut, and has been recognised as uniquely effective by some of the world’s leading academics.

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Interest in how to improve gut health has grown exponentially in recent years, as advances in scientific research and medicine have continued to uncover how the diversity and balance of bacteria in the microbiome affects many conditions – not only gut conditions such as IBS and IBD, but also Parkinson’s and dementia, cardiovascular conditions, mood and mental health.

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Today, Symprove’s daily-use, subscription product is sold primarily through its direct-to-consumer website and is growing at more than 50% year-on-year through word-of-mouth and recommendations from doctors and nutritionists.

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bd-capital was carefully selected as Symprove’s new partner based on its operationally-led approach to partnering with businesses where changing patterns of consumer behavior and technology disruption create growth opportunities.

The IDAK Food Group is a strongly networked group of specialized companies and manufacturers in the premium frozen food sector.

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IDAK is active in three business segments: potato products & snacks (KADI), pizza & snacks (Margherita) and Bakery & snacks (Romer’s).

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The platform has best-in-class manufacturing capabilities in Switzerland and Italy with a distinct focus on superior product quality, innovation and long-standing relationships with blue-chip customers in the foodservice, retail and bake-off channels.

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It is growing rapidly, both organically and through strategic acquisitions in Switzerland and abroad, even in a challenging economic environment, and is extremely successful in the market. The company sees further potential for selective acquisitions in Europe in order to expand existing business areas or develop additional ones.

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Di Marco is the inventor and the global leader in Pinsa Romana; a light, crunchy and highly digestible alternative to the Neapolitan pizza base. The product has been an exceptional success since its launch in 2001 with Pinsa Romana now being served in several thousands of “Pinserias”, bars, and restaurants in more than 40 countries worldwide.

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Di Marco’s products are widely recognised as the gold standard of Pinsa giving Di Marco a leading presence in the foodservice sector in Italy. More recently, it has launched in the grocery channel under the brand “Nuvola” which is growing rapidly in Italy and abroad.

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Abénex is a leading French mid-market international private equity firm, with c.€1.5bn of invested capital and more than 75 investments completed since inception, and this represents their first investment in the Italian market.

Founded in 2007 by Shaun Pulfrey, Tangle Teezer produces a range of innovative and tailored detangling, blow-drying and styling hairbrushes famous for their unique patented teeth technology. With record revenues of over £30m achieved in 2020 and presence in over 75 countries, the business has grown to become a world-renowned brand, recognised for creating the detangling haircare category, and is swiftly becoming an essential haircare companion to both consumers and haircare professionals. Tangle Teezer’s products are sold through well-established international online and multi-channel retailers with digital channels accounting for over 50% of sales today.

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Mayfair is partnering with James Vowles, CEO, and his team to support further product innovation and international expansion. Shaun will remain a minority shareholder in the business.

Oatly is a pioneer in the Swedish foodtech industry with a patented enzyme technology that turns oats into a range of natural and sustainable high-fibre dairy-free products including oat drinks, breakfast and energy drinks, yoghurts, spreads, cooking ingredients and ice-cream. With its unique technology, Oatly empowers consumers to eat in a healthy, ethical and environmentally-friendly way.

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Oatly is Scandinavia’s leading brand of plant-based, dairy-free products, with a c.40% market share in Sweden and has huge momentum with sales in more than 20 countries worldwide.

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Spayne Lindsay advised the shareholders and company on the transaction. After a detailed process to explore strategic options, they have decided to partner with a joint venture between Verlinvest and China Resources to further accelerate and invest in Oatly’s global expansion. Both companies have a wealth of experience in developing high-growth, innovative lifestyle brands in large international markets.

LCDD creates, produces, sells and distributes artisanal ice cream and premium frozen pastries to more than 23,000 food service clients across Europe, mainly in France, Spain and the UK. The company is a highly regarded player in the dessert market, with unique access to food service customers and praised for the quality of its products.

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In 2020, PAI Partners launched the €920 million PAI Mid-Market Fund which makes investments in leading mid-market companies across Europe. PAI MMF is highly distinctive in combining both a strong local presence and the ability to access PAI’s wider experience and international platform. LCDD is PAI MMF’s sixth investment after Amplitude Surgical, Angulas Aguinaga, MyFlower, Scrigno and Uvesco.

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This acquisition is Spayne Lindsay’s tenth transaction in the bakery and dessert sector in Europe and fifth in France over the last two years, underlining our unique sector expertise.

Founded in 1870 and headquartered in Norfolk, England, Anglia Maltings encompasses a diverse portfolio of businesses including Crisp Malt, Micronized Food Products (MFP), and EDME Food Ingredients.

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Anglia Maltings operates seven malt facilities in the UK, Poland, and Germany, with a combined capacity of 440,000MT. Crisp Malt collaborates with local farmers to source the highest-quality malted barley, serving breweries and distilleries and the food industry worldwide. MFP specialises in the production of cereals and pulses for brewing and animal feed, while EDME Food Ingredients focuses on malted and non-malted products catering to the baking industry.

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Given the growing global demand for malting barley, predominantly driven by the brewing and distilling industries, Richardson’s proven track record of strategic expansion and investment positions the company to meet the increasing requirements of an international customer base.

Panzani is one of the most visible French food brands and one of very few primary LBOs in food in Europe.

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More specifically, the transaction would include: 1) the Panzani®, Ferrero®, Regia®, Zakia® and Le Renard® brands, and 2) all the operating assets (including plants and mills) related to these brands.  The business perimeter contemplated in the transaction posted a turnover of €470 million in 2020 and employs 750 employees.  The business will remain headquartered in Lyon, France.  The divestment would not have any social impact on the employees of the business.

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The transaction has been valued at €550 million (the value of 100% of the business) and would comprise the sale of 100% of the share capital of Panzani S.A.S. Prior to the envisaged transaction, the fresh pasta and rice businesses, including leading brands Lustucru Selection® and Taureau Ailé®, would be carved-out and therefore remain within the Ebro Group.

Founded in 1990, Moulin d’Or is a pioneering company in the sweet baked goods market in Tunisia. It is a household name with exceptional brand equity, offering over 70products in cakes, breads, biscuits, and salty snacks categories. Through its three bakeries in Tunisia, a strong distribution network and over 700associates, Moulin d’Or supplies the entire national market and exports to more than 15 countries.

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Dr. Scholl’s is an iconic, one-of-a-kind brand, which is synonymous with foot care.  The brand has an over 110-year heritage with unmatched brand equity in the foot care category.

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If you are interested to understand more about this transaction, then please contact us and a member of the team will be happy to answer any questions you may have.

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Bombas is a leading and rapidly growing digitally-native brand focused on apparel basics that revolutionized the modern sock, designing an offering that delivers premium performance, unparalleled comfort, and timeless style. The company’s core strategy revolves around a socially conscious giving model, comprised of donating one pair of socks to a homeless shelter for each pair of socks it sells.

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The company was founded in 2011 by Dave Heath, Randy Goldberg, Aaron Wolk, and Andrew Heath with a focus on socks to “support the hustle in everyone.” Since appearing on Shark Tank in 2014, Bombas has grown rapidly and profitability, with best-in-class e-commerce and customer metrics.

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In 2017, Bombas engaged The Sage Group to explore its strategic options as result of inbound interest from a wide variety of investors. Ultimately, the company selected Great Hill Partners, an e-commerce and technology private equity fund based in Boston, as the winning bidder and completed a sale of 52% in 2018. Since the sale, Bombas has expanded into wholesale and extended its product offering to include two new categories, t-shirts and underwear.

Spayne Lindsay is delighted to announce that it has advised Exponent Private Equity on the sale of Quorn Foods, one of the most exciting sustainable food companies in the world, to Monde Nissin Corporation for a consideration of £550 million. The strength of Spayne Lindsay’s consumer-focused international network helped it to identify and introduce Monde Nissin, a leading consumer goods company in the Philippines, as an attractive buyer that was prepared to pre-empt the sale process.

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The origins of Quorn Foods go back to the 1960s when mycoprotein, the ingredient unique to Quorn Foods, was first identified. The business went through a number of owners before being acquired by Exponent Private Equity (advised by Spayne Lindsay) from Premier Foods in 2011 for £205 million. Under Exponent’s ownership and the current management’s stewardship, Quorn has become one of the UK’s fastest growing food brands and the clear market leader in meat substitutes in the UK. The company has built a rapidly growing international business, currently selling into 15 countries globally, and has ambitions to be the world leader in meat alternatives.

Spayne Lindsay is delighted to announce that it has advised LDC, a leading mid-market private equity firm, on the sale of Addo Food Group to PAI Partners.

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Headquartered in Nottingham, Addo Food Group is the UK’s leading chilled savoury pastry producer. The business manufactures a range of own brand and branded products including sausage rolls, hot pies, slices, pork pies, scotch egg products and quiches, which it supplies to the UK’s leading names in food retail including all the major supermarkets. Addo Food Group employs more than 2500 people and operates across five UK sites in Nottingham, Market Drayton, Poole and Shaftesbury.

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Alongside its acquisition of Addo Food Group, PAI Partners has announced the simultaneous acquisition of chilled foods supplier Winterbotham Darby (ComplEat Food Group) and plans to bring the two businesses together under one platform. Completion of the transaction is subject to the customary regulatory approvals.

Spearhead International was founded in 1966 and is one of the largest vertically integrated farming businesses in Europe. The company manages c. 80,000 hectares of farmland across Poland, the Czech Republic, Slovakia, Romania and the UK. It is a European specialist in Regenerative Agriculture, harnessing valuable data it collects through its application of state-of-the-art technologies for precision farming. Spearhead is increasingly focusing on growing value-added, on-trend specialty crops, catering to the largest food processing businesses globally.

ACP plans to support the business through organic as well as acquisitive growth and take advantage of industry trends of food traceability and tightening food specifications.

ACP was carefully selected based on its operational experience in the agricultural sector and on-the-ground expertise in Eastern Europe.

Founded by Michelle Pfeiffer, Henry Rose operates on the belief that ingredient transparency is essential and was founded to set a new precedent in fine fragrance by disclosing 100% of its ingredients. Henry Rose creates complex and evocative genderless scent experiences based on the strictest and most comprehensive health, safety and environmental standards set forth by two industry leading non-profit organizations, the Environmental Working Group (EWG) and Cradle to Cradle (C2C) Products Innovation Institute. It is the first and only fine fragrance to receive both distinctions of EWG Verified® and Cradle to Cradle Certified™

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Since launching with five fine fragrances via a direct-to-consumer model, Henry Rose has now grown to include 11 fine fragrances, complemented by an assortment of body, home, and gifting products. Henry Rose has generated exceptional revenue growth, more than doubling its new customers year-over-year and building an enviable cult following that identifies with the brand’s mission. Henry Rose recently extended its distribution strategy to include luxury retailer partners such as Credo, Neiman Marcus, Bergdorf Goodman, and Nordstrom.

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In 2022, Henry Rose engaged The Sage Group to advise it on raising strategic growth capital from an investor partner that could help it scale and accelerate its growth ambitions. The Company received significant interest and ultimately selected Sandbridge Capital, a consumer-focused investment firm that invests exclusively in high growth global consumer brands.

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Spayne Lindsay is delighted to announce that it has advised Mayfair Equity Partners (“Mayfair”) on the acquisition of YO! Sushi, the leading Japanese fast-casual dining concept, valuing the business for £81 million.

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YO! Sushi operates 75 owned restaurants in the UK, five owned restaurants in the US, and has 13 franchise sites in the Middle East and Europe. The business, which has a turnover of approximately £85 million, offers a differentiated proposition consisting of its unique ‘kaiten’ conveyor belt system with a theatre-style kitchen.

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Since its inception in 1997, the business has evolved from a niche concept into one of the most recognisable brands in the UK. Mayfair’s investment will provide additional capital to support YO! Sushi’s plans for ongoing site roll-out in the UK and internationally, including the continued development of the concept in the US market.

MeUndies is a leading digitally native brand centered focused on basics apparel, including underwear, loungewear, and women’s intimate, among other categories. Based in Los Angeles, MeUndies created a disruptive, modernized business model addressing major pain points in traditional basics via a pioneering membership model, which stimulates exceptional repeat rates and lifetime value.

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The brand is centered around inclusivity, diversity, and body positivity, which is antithetical to the out-of-touch basics strategies of most heritage companies in the industry. Over the years, MeUndies has inspired a passionate community of indie-obsessed individuals with its bold, creative prints and mission to fuel authentic self-expression. Through its MeUndies Gives program, the brand supports nonprofit organizations that share its mission and leads in practices of sustainable and ethical manufacturing and workplace diversity and equity.

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With the Company growing exceptionally well and at an inflection point, Sage was engaged in late 2019 to explore transaction alternatives. MeUndies ultimately chose to partner with Provenance Equity, a growth-stage private equity investor focused on e-commerce brands. The investment will help MeUndies expand its capabilities in product design, production, and distribution; further build the online customer community; and expand the brand’s omnichannel operations into additional international markets and physical locations.

Spayne Lindsay was appointed by EAT. to explore exit options, with the objective of maximising value on the back of management’s successful revitalisation of the brand and business. Following discussions with several UK and international strategic parties introduced by Spayne Lindsay, Pret emerged as the party with the strongest strategic fit, offering a great deal to EAT. stakeholders.

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This transaction enabled Spayne Lindsay once again to demonstrate its exceptional expertise and relationships in the international consumer sector and continue its successful track record in the ‘eating out’ space.

Honey Birdette is a leading direct-to-consumer Australian lingerie brand. Founded in 2006 by Eloise Monaghan, the Company was created to inspire customers to be empowered and confident through the products. The brand quickly became popular with their customers and expanded from one boutique to a robust e-commerce platform and around 60 stores throughout Australia, with a few in the U.S and the U.K.

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Honey Birdette reached out to The Sage Group to explore M&A opportunities in the marketplace. After extensive market research, the Company was acquired by PLBY Group, the parent company of Playboy. Playboy will use its reputation to expand Honey Birdette in different markets through online and physical stores.

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Founded in 2018 by Mauro D'Errico and Gianluca Lotta and based in Turin, Fra Diavolo has grown rapidly, now managing 24 sites, establishing itself as a point reference in Italian full service catering with a focus on pizza, combining Neapolitan style artisanal pizza with a modern twist. Fra Diavolo is planning to continue growing in Italy and abroad, with a first location expected to open in Miami in 2024.

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LDC, a UK-based mid-market private equity firm, has backed the capital replacement of Fever-Tree, a London, UK-based tonic water and mixers brand, valuing the company at £48m.

The company intends to use the procedds from the investment to strengthen the brand’s presence in the UK and Spain, accelerate expansion into the US and in other countries.

Co-founded in 2005 by Charles Rolls and Tim Warrillow, Fever-Tree is an upmarket mixer drinks company, which already present in 35 countries world-wide. It recently launched in Japan, Germany and Columbia.

In conjunction with the investment, Daniel Sasaki, Managing Director of LDC’s London investment team and Bertie Aykroyd, Investment Director, will join Fever-tree’s board.

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On 12 March 2021, our client, CVC Capital Partners Fund VII (“CVC”), a leading global private equity firm, announced that it had agreed to acquire, from Charterhouse Capital Partners (“Charterhouse”), Cooper Consumer Health, a leading European provider of consumer healthcare products across numerous market segments such as: calming and sleeping; vitamins and minerals; sun and skincare; and, footcare. The business supplies c.80,000 pharmacies and drugstores across Europe and has c.€500m revenues.

Founded in 2002, Pipers is an award-winning premium snacking brand producing a range of bold flavoured, authentic crisps and low-calorie snacks from its headquarters in Lincolnshire. The business has a well-established position in the out of home market – supplying c.14,000 customers across the UK – along with a rapidly growing international business that now has a presence in 40+ countries around the world.

GLAMGLOW is a fast-growing and highly profitable prestige skincare brand focused on fast-acting mud-based treatment masks designed to deliver stunning and camera-ready results. The GLAMGLOW product collection is positioned as “sexy, innovative, and fun” and developed for men and women of all ages and skin types.

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Founded in 2010 in Hollywood, California by Shannon and Glenn Dellimore, GLAMGLOW started as “Hollywood’s Boutique Secret” on Hollywood sets to provide an immediate and healthy glow for actors. Since then, the Company rapidly grew its global distribution primarily through flagship retailer partners including Sephora in the US and abroad, as well as high-end department stores such as Neiman Marcus and Bloomingdale’s.

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Having received substantial inbound interest since its early days, GLAMGLOW engaged The Sage Group in early 2014 to explore strategic alternatives. Estée Lauder outbid the other suitors and, upon entering exclusivity, collaborated with the co-founders to develop a detailed and strategic five-year plan.

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Founded in 2015, Strong Roots is a leading plant-based food company which set out to fix the freezer aisle by creating a range of delicious plant-based options, that were sustainably farmed, shipped and sold. The brand was founded by Samuel Dennigan, with the vision that food can be better.  The company offers healthy, plant-based frozen food products, including Cauliflower Hash Browns, Mixed Root Vegetable Fries, Spinach Bites, and Kale & Quinoa Burgers. Its products are sold in over 8,000 stores worldwide including major retailers in Ireland, the UK, and the U.S., as well as Singapore, Iceland, United Arab Emirates, Australia and France.

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McCain Foods is the world’s largest manufacturer of frozen potato specialties, and also produces other quality products such as appetisers, vegetables and desserts that can be found in restaurants and retail stores in more than 160 countries around the world. In Canada, the company has eight production facilities with approximately 2,400 employees and, in addition to its famous French fries and potato specialties, makes frozen desserts, snacks and appetisers.

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As part of the transaction, McCain Foods has invested US $55m to take a minority stake in the business and support Strong Roots’ continued rapid growth.

Established in 1885, Clearly Drinks is a brand owner and manufacturer of soft drinks and bottled-at-source spring water in cans, glass and polyethylene terephthalate (“PET”) (plastic) bottles, and currently services c.70 customers nationwide including major UK retailers.

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Alongside manufacturing its own brands and providing private and own label beverages for supermarkets and discounters, Clearly Drinks is a contract manufacturer for a number of the world’s largest soft drinks companies.

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Clearly Drinks is the owner of Perfectly Clear, Northumbria Spring and Revolution Waves, offering a diverse range of products across its beverage brands portfolio including spring water (still and sparkling), energy drinks, isotonic vitamin drinks, flavoured spring water, juices, coffee-based beverages, and mixers and tonics.

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funkin was founded in the late 1990s by Alex Carlton and offers a broad range of cocktail mixing solutions including fruit purees, cocktail mixers and syrups. Current CEO, Andrew King, joined funkin in 2006 and helped the business achieve rapid sales growth (to c.£9 million) and brand leadership in the UK on-trade cocktail market. funkin is well placed to capitalise on the growing cocktail market as its products enable outlets including bars, pubs, clubs and restaurants to provide high quality, innovative cocktails efficiently and consistently for consumers. Although primarily UK based, funkin has an increasing presence in the US and Continental Europe where the cocktail markets are also quickly evolving.

Founded in 2014 by two agricultural engineers, HARi&CO is a mission-driven company committed to leading the food transition toward plant-based protein with gourmet, healthy and innovative products. All of HARi&CO’s products are based around pulses (lentils, chickpeas and beans) and are organic, clean-label, additive free and 100% plant based. With more than 35 employees, HARi&CO is present in mass distribution in more than 5,000 stores, including the collective catering sector.

With a heritage in speciality nut butters, Meridian has experienced transformational growth in recent years, driven by an on-trend proposition that offers premium, natural nut butters free from palm oil to customers in the UK and internationally. In turn, the UK nut butter market, estimated to be worth £120m, is growing at c.20% annually as more consumers enter the category and eat nut butters across a range of usage occasions. Meridian’s vertically integrated business model has enabled an excellence in innovation and the development of exciting new products such as a cocoa & hazelnut spread and a range of nut-based snack bars.

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Rocks is a premium, organic drinks brand with a 35-year heritage that continues to outperform the UK market. Rocks’ products resonate with consumers looking to avoid artificial sweeteners and seeking clean-label, organic products without compromising on taste.

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Spayne Lindsay advised the shareholders on the transaction, having begun the search for a partner to help them achieve their plans for the business in 2017. Following discussions with a variety of potential investors, SHS Group was selected as the preferred partner, whose strengths and values were best aligned with those of 3V.

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Promise, based in Donegal, Ireland and founded in 2011, has experienced rapid growth domestically in Ireland and internationally in markets including the UK, US and Australia under its retail brands: ‘Promise Gluten Free’ and ‘PureBred Gluten Free’. Promise mixes the best natural ingredients using a unique process to deliver gluten free baked goods with unparalleled nutritional value and award-winning taste and texture that is comparable to traditional bread.

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Promise’s products are available across the UK, US and Australia with placements at retailers including Costco, M&S, Tesco, Sainsbury’s, ShopRite, Sobeys, SuperValu, Dunnes Stores, Spar and Woolworths.

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The business has won a number of industry awards including Irish Exporters Association Food and Drink Exporter of the Year, multiple Great Taste Awards, Product of the Year in Canada and Australia, and Free From Foods Award (UK).

Globally recognized as the original skincare makeup, jane iredale is an award-winning and highly differentiated clean makeup and skincare brand. Since its inception 25 years ago, jane iredale has been committed to using only clean ingredient products, including high-quality minerals, organic botanicals, and other natural inputs that benefit the skin. The Company’s products are free of synthetic preservatives and other chemicals yet deliver superior and long-lasting aesthetic performance with proven skincare benefits.

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Headquartered in Great Barrington, MA, jane iredale is the leading makeup brand serving the US professional channel, including licensed aestheticians, dermatologists, plastic surgeons, professional spas, and salons. Sold in over 50 countries, jane iredale had in recent years accelerated its sales growth through its proprietary web platform and other online retailers such as Amazon Luxury Beauty and had begun expanding its reach through select prestige retailers.

With a 25+ year heritage in the industry, jane iredale had consistently received significant inbound interest. At a critical juncture in its growth story, jane iredale engaged The Sage Group to advise it in exploring a potential M&A transaction. Jane Iredale chose San Francisco Equity Partners for its proven track record in beauty and in working with leading authentic natural brands.

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Teremana was launched in March 2020 in the US by the actor Dwayne ‘The Rock’ Johnson along with co-founders Dany Garcia, Jenna Fagnan and Ken Austin.

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The brand has been an unprecedented success story selling around 300,000 nine-litre cases in its first year in the US, Canada and Mexico. In 2021, it more than doubled that figure, hitting 640,000 nine-litre cases.

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Teremana’s Tequilas are produced at a purpose-built distillery in Jesús Maria, Jalisco, Mexico, in partnership with the Lopez family, who also have a stake in the business. The range features blanco, reposado and añejo expressions.

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With this partnership, Jägermeister will further assist in the Tequila’s international sales, marketing and logistics strategies and bring ‘organisational structure’ to Teremana’s international rollout in the coming months.

Founded in 2003 by Alyson Hogg, Vita Liberata was the first completely non-toxic tanning brand combining cutting-edge skin chemistry with highly potent organic botanicals. The Company’s products harness the potency and efficacy of a proprietary AdvoganicTM Technology to create odorless products free from parabens perfume, and alcohol using ingredients that are natural, certified organic, and Ecocert.

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The UK-based company sells at premium retailers in the US and Europe, including Sephora and Boots, as well as in more than 26 countries worldwide. The brand is the self-tanner of choice for the world’s top spas, including George V Paris, St. Regis, Viceroy, Ritz-Carlton, and Burj Al Arab.

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In late 2016, the Company and its investor partner, Dublin-based Broadlake, engaged The Sage Group to serve as the exclusive financial advisor for the M&A transaction. Vita Liberata chose Crown Laboratories, a specialty pharmaceutical company focused on dermatology, and backed by Hildred Capital Partners.

Spayne Lindsay is delighted to announce that it has advised on the sale of Karro Food Group (�Karro� or the �Business�), the leading supplier of British pork to the retail, trade and foodservice industries, to CapVest Partners LLP. The deal, which was announced on the 27 March 2017, was subject to the approval of the Competition and Consumer Protection Commission in Ireland and this was received on the 24 April 2017. The Business was heavily loss making when Endless acquired it in January 2013 from Dutch food conglomerate Vion. Endless and the Karro management team successfully transformed the group into a highly profitable, well-respected and leading player in the domestic and international pork market. Spayne Lindsay is proud to have been involved with advising the Business from the time of the acquisition until its exit. Karro has turnover in excess of �550 million, operates from seven sites across England, Scotland and Northern Ireland and now employs over 3,100 people. It has received widespread industry recognition for its outstanding performance in recent years.

Founded in 2009 after the MBI of Cawston Vale, Cawston Press is a premium, healthy soft drinks brand that has delivered transformational innovation and growth, most notably within premium carbonates. The brand offers a range of carbonated sparkling drinks, kids juice drinks and pressed juice.

Boulangerie Louise, founded by Laurent Menissez in 2010, is one of the leading artisanal bakery chains in France. Its sister company, Maison Menissez, is one of the leading industrial bakery businesses in France. Louise is a certified “Artisan Boulanger” with differentiated and compelling retail bakery operations. Louise has c.130 sites spread across France and makes c.90% of its products on-site using the artisanal know-how of its qualified bakers and raw materials that are sourced from local millers to guarantee quality.

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Teract is a major player in responsible distribution in the growing markets of gardening, pet shop and food retail. Through its subsidiary InVivo Retail, Teract brings together the gardening brands Gamm Vert, Jardiland, Delbard and Jardineries du Terroir, the food retail chains Frais d’Ici and Bio&Co food and the pet shop Noa. Teract’s majority shareholder is InVivo, one of Europe’s leading agricultural and agri-food groups.

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Teract is the outcome of the merger of InVivo Retail and listed SPAC vehicle 2MX Organic earlier this year.

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The partners’ plan is to continue to develop Louise through internal growth and external growth, by continuing to open Louise points of sale directly and under franchise and by setting up Louise stores in certain InVivo Retail banners.

Permira Funds (“Permira”) has acquired the majority of the European Frozen Foods businesses of Unilever plc (the “Business”) for €1.725bn on a debt-free, cash-free basis.

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The sale includes the Unilever frozen food operations in Austria, Belgium, France, Germany, Ireland, Netherlands, Portugal and the United Kingdom, and comprises the iconic and market leading British and European brands of Birds Eye and Iglo. In 2005, the Business had annual sales of €1.2bn.

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The transaction is subject only to regulatory approval and a consultative process with the relevant employee works councils.

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Spayne Lindsay jointly advised Permira with Lehman Brothers throughout negotiations. Spayne Lindsay was particularly involved in advising Permira on tactics in this unusually complicated and competitive auction, and provided specialist input to assist Permira evaluate the sector and the opportunity.

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The signing of this significant consumer sector deal builds on other recent successes for Spayne Lindsay including the £460m acquisition of Campbell’s UK by Premier Foods, the €425m acquisition of John West by Lehman Brothers Merchant Banking and the €850m buyout of CSM Confectionery by CVC.

Blenders Eyewear is a rapidly growing, digitally native lifestyle brand featuring sunglasses, snow goggle, and related accessories for men, women, and children. The company was founded in 2012 by Chase Fisher, a Southern California native and competitive surfer, when he realized there was an opportunity in the affordable segment of the sunglasses market. Chase disrupted the eyewear industry by providing a highly branded option that was historically underserved by industry incumbents who primarily sell products at significantly higher prices.

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The business grew from Chase selling sunglasses out of his backpack while working as a surf coach to selling millions of pairs of sunglasses online and through Blenders’ retail store. The company utilized DTC platforms along with social marketing strategies and partnerships with influencers, celebrities, and athletes to become the dominant eyewear brand.

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Blenders’ authentic brand story created substantial interest from investors and led the company to engage The Sage Group to explore M&A opportunities. Ultimately, Blenders’ made the strategic decision to forgo the standard marketing process and pursue the transaction with Safilo. The Company will use Safilo’s global reach to expand its distribution to new markets and will help it enhance production efficiencies.

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Gelpat is a French premium producer of frozen pastries specializing in chou-based desserts such as eclair, Paris-Brest and religieuse. It is recognized for the superior quality of its products and has recorded strong growth over the last few years.

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This acquisition is FDA’s first step into the French market and continues the group’s international expansion strategy in Europe and the US.

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Gelpat will strengthen its positions in the French market for chou-based pastries and abroad with the backing of FDA.

Sneak, was founded in 2018 by experienced entrepreneurs Will Peirce and Jonny Teeling. The business is the product of many years of the two working together having founded a number of successful direct-to-consumer brands within the health and wellbeing space. In Sneak the team have created a stand-out brand identity and harnessed a highly engaged customer base who are fully invested in Sneak's business model, frequently buying into new and limited-edition product 'drops'. The result of their innovative and creative approach to this traditional market is evidenced by the strong growth of the business to date having grown over 200% annually in the last three years.

Manchester-based Sneak has created an alternative to many of the legacy energy drinks on the market by producing a clean, powdered energy formula in tubs and sachets, as well as pre-mixed cans. Its range of exciting flavours, which are sugarfree and made entirely with natural colours and flavours are more suited to the next generation of consumers that care about the ingredients in their products. Notably in tandem, Sneak's strong and vibrant brand identity resonates with its core customer-base of new-media creatives and gamers and features across its range of merchandise and lifestyle apparel.

True will focus on supercharging the brand's international expansion, building out Sneak's distribution channels and supporting the business as it continues to disrupt the traditional energy drink market with its creative approach to marketing and ecommerce. True was carefully selected as Sneak's new partner based on its digital expertise and international network across grocery and retail.

Founded in 1984, Wholebake is the UK’s leading manufacturer of healthy gluten-free snacking products.

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Under the Management and leadership of Peter Unsworth (Chairman) and Simon Faithful (CEO), Wholebake has established itself as the premier snack bar co-manufacturing partner to third-party brands, as well as its own brands Brynmor, Nine and Bounce.

Dr Oetker UK has agreed terms to acquire the European frozen pizza business from USA based, The Schwan Food Company (“Schwan’s“). Dr. Oetker is acquiring Schwan’s UK pizza plant based in Leyland, Lancashire, Schwan’s business in 15 European countries, the “Chicago Town” trademark, and licences for the “Freschetta” and “Tony’s” trademarks. Schwan’s plant in Osterweddingen near Magdeburg, Germany is to be acquired by Freiberger Group who have finalised a supply agreement with Dr Oetker to manufacture branded pizza products to sell across Europe.

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Dr. Oetker will integrate the Leyland plant into their UK division and will continue production at Leyland. Peter Franks, UK managing director of frozen and chilled foods at Dr Oetker, said: “Dr Oetker is the biggest manufacturer of pizza in Europe and the addition of the Schwan’s portfolio is complementary to our current range of pizzas. We feel that the acquisition creates a complete frozen pizza business, giving us presence in all sectors of the UK’s frozen pizza market and providing us with a UK production base.”

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Dr Oetker is one of Germany’s leading privately-owned diversified industrial groups, with strong positions in its core business areas across Europe. Within the food industry, Dr Oetker has developed market leading positions in pizzas, yoghurts and desserts.

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Spayne Lindsay advised Dr Oetker on this transaction.

In 2006, Blake Mycoskie created TOMS, a company that would match every pair of shows purchased with a pair of shoes given to a child in need. Since then, TOMS shoes has become a highly profitable and socially-conscious foot, apparel and accessories business built around One for One® promise to help a person in need for every purchase. In addition, TOMS Eyewear gives sight to a person in need with every pair of eyewear purchased, and TOMS Roasting Co. gives one week of clean water to a person in need for every bag of coffee purchased.

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Having known Blake Mycoskie since the early days of founding TOMS, The Sage Group advised the Company in its sale to Bain Capital, having managed a targeted and competitive M&A process that entailed extensive interest from the most prominent strategic buyers and investment funds internationally. Bain Capital agreed to purchase 50% of TOMS with Blake Mycoskie continuing as visionary of the Company. Together, TOMS and Bain will continue the tradition of matching investments that give back to the community through a new charitable endeavor.

If you are interested to understand more about this transaction, please contact us and a member of the team will be happy to answer any questions you may have.

Spayne Lindsay is delighted to announce that it has advised Diamond Foods, one of the US and UK’s leading snack food companies with the well-known KETTLE®, Diamond of California® and Pop Secret® brands, on its acquisition of a minority shareholding in Metcalfe’s skinny from its founders.

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Metcalfe’s skinny was co-founded in 2009 by Robert Jakobi and Julian Metcalfe, who also co-founded the Pret A Manger and Itsu food dining chains, to meet the need for healthy but tasty alternatives to traditional snacks. Since launching into the popcorn category, the brand has expanded quickly from ready-to-eat premium popcorn into popcorn crisps, popcorn thins and ricecakes, and is one of the fastest growing popcorn brands in the sector with 67% year-on-year growth to September 2015 (as per Nielsen data).

If you are interested to understand more about this transaction, then please contact us and a member of the team will be happy to answer any questions you may have.

The Bel Group is a world leader in branded cheese and a major player in the healthy snack market. Its portfolio of differentiated and internationally recognized brands include such products as The Laughing Cow®, Kiri®, Mini Babybel®, Boursin®, Pom’Potes®, and GoGo squeeZ®, as well as some 20 local brands.

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With this asset disposal, Bel ramps up rollout of its strategic roadmap with a view to boosting growth of its three complementary market segments – dairy, fruits and plant-based.

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Founded in 1933, Lactalis group is a French family business and the world’s no. 1 dairy products supplier. Serving the daily lives of millions of households, Lactalis is famed for iconic brands such as Président, Galbani and Parmalat and strives to ensure it sustainably upholds milk expertise as world no. 1 AOP provider.

Spayne Lindsay & Co. LLP is delighted to announce the successful sale of Vitamin Brands Limited (“V Water”) to PepsiCo Holdings.

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V Water is a leading brand in a dynamic and growing category. The brand was launched in 2005, and now has a range of six flavours. All products are made with spring water, and have no artificial sweeteners, colours, flavours or preservatives. The V Water range contains a number of added vitamins, minerals and herb extracts including Vitamin C, Zinc, Selenium and Ginseng.

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The selling shareholders include the two founders, Chris Coleridge and Walter Faulstroh, a number of seed investors who backed the company in 2004, and Unilever Ventures who invested in 2005.

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PepsiCo approached V Water due to its strategic interest in a fast-developing category. The V Water shareholders asked Spayne Lindsay to guide them through the negotiations with PepsiCo, and to secure a price for the business that made sense for all shareholders to accept, at a stage when the business had yet to mature.

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We are pleased to have been involved in one of the sector’s most dynamic categories, at the interface between an industry giant and a small, entrepreneurial business with a fantastic brand.

Spayne Lindsay is delighted to announce that it has advised IK Investment Partners on the acquisition of Forthglade Foods Holdings Limited.

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Established in 1971, Forthglade is a fast-growing UK based natural pet food brand, producing premium wet and dry dog food and treats. The Company distributes across supermarkets, independent specialist pet retailers and online retailers including its own website. Forthglade has been led by Gerard Lovell and Chris Brooking since their management buyout in 2011 and subsequent investment by Piper Private Equity in 2015. IK will acquire a majority stake in Forthglade, with the management team reinvesting alongside.

Spayne Lindsay is delighted to announce that it has advised L Catterton, one of the largest and most experienced consumer-focused private equity groups in the world, on its minority stake acquisition in Innis & Gunn, one of the UK’s most successful international craft brewers.

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Founded in Scotland in 2003, Innis & Gunn has grown to be the No. 2 craft brewer in the UK off-trade, No.1 imported craft beer in Canada and No. 2 in Sweden, and exports to over 28 countries. Expansion in the past two years has seen the successful opening of four Beer Kitchens in Scotland, and has established the brewer’s home for barrel-ageing and innovation at the new Innis & Gunn Brewery in Perth.  Innis & Gunn group turnover increased by 22% to more than £14.3m in 2016.

Founded by famed hairstylist Oribe Canales, with Daniel Kaner and Tevya Finger of Luxury Brand Partners, Oribe Hair Care combines 10+ years of styling heritage to deliver performance-rooted products with world class innovation. The Company has grown from a prestige haircare brand into a global beauty authority that offers hair care, skincare, body care, make-up, tools, and accessories.

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Oribe was one of the first premium haircare brands to transcend channel boundaries, effectively spanning a market-leading footprint of 2,000 high-end salons, as well as luxury retailers and e-tailers. Blending innovative formulations, top‐performing products, award‐winning packaging, and unparalleled education, Oribe has become a renowned beauty authority for experienced stylists and taste‐driven consumers alike.

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Oribe received substantial inbound interest from strategic buyers while working with The Sage Group. The Company ultimately completed the transaction with Kao Corporation, a global beauty and consumer goods company based in Japan. The business will continue to be operated under current management.

Founded in 2007 by husband and wife team Terry and Belinda Williams, Yorkshire Provender is the UK’s leading premium soup manufacturer, selling into a broad range of major grocery retailers, independents and foodservice operators.

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Differentiated through its use of high quality seasonal ingredients and traditional cooking methods, Yorkshire Provender has sustained exceptional category-leading growth over the past three years, with a purpose-built manufacturing facility opened in 2015 enabling ambitious future growth plans.

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The acquisition complements Hain’s existing soup portfolio, including the New Covent Garden and Cully & Sully brands, with the combined infrastructures supporting accelerated NPD and increased distribution across the UK and Europe.

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Hambledon is widely considered  to be one of the leading English sparkling wine producers, winning multiple awards, and is England�s oldest commercial vineyard, with vines first planted on the site in 1962. Today, Hambledon produces wine from 200 acres of vineyard planted on the same grade of chalk as Grand Cru C�te des Blancs in Champagne. It is one of the few leading English producers with the capacity to produce more than 500,000 bottles per year of estate-grown sparkling wine 100% from chalk soils.

Uniq plc (“Uniq” or the “Company), a c.£300 million turnover UK chilled foods player whose customers include Marks & Spencer, underwent an “equity for deficit” restructuring earlier in the year. Angel Street Limited (in Administration) (“Angel Street”), formed in anticipation of the restructuring, took on Uniq’s disproportionately large defined benefit pension deficit in exchange for a 90.2% shareholding in the Company.

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As part of the restructuring, Angel Street was placed into administration on 24 March 2011. Keith Hinds and Daniel Taylor, both of Grant Thornton UK LLP, were appointed as joint administrators (the “administrators”). The Trustee to the pension scheme is its sole creditor but the administrators are consulting closely with the Pension Protection Fund.

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Angel Street and Uniq appointed Spayne Lindsay in April to run the process to sell the Company. The process attracted interest from a number of food industry players and private equity. Last week a recommended cash offer for Uniq was announced by Greencore, the Irish-listed international convenience foods manufacturer, valuing the issued share capital at approximately £113 million.

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Spayne Lindsay is delighted to have worked with all parties to help deliver this great result within an ambitious timetable.

BioTRUST Nutrition is a premium-quality, science-based, digitally native nutrition brand, empowering consumers in their health and wellness journeys as a trusted research authority and source of daily inspiration for healthy living. Founded in 2011, by Josh Bezoni and Joel Marion, the Company disrupted the outdated nutrition industry with a suite of premium healthy living vitamins and supplements, and has since become the go-to DTC resource for ongoing nutritional needs.

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BioTRUST reached out to The Sage Group to explore M&A opportunities in the marketplace. The Company chose to partner with Wellbeam Consumer Health, the dedicated health and wellness platform of American Pacific Group.

Rémy Cointreau has announced that it had entered exclusive negotiations with the Lhopital family to acquire a majority stake in the capital of the Champagne de Telmont company, which was founded in 1912 in Damery (Marne Valley).

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It has been crafting champagnes under the brand “J. de Telmont” for over a century. This Maison is one of the last family-owned estates in Champagne: Mrs Pascale Lhopital and Mr Bertrand Lhopital represent the fourth generation of true master craftmen in the art of champagne.

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Mr Bertrand Lhopital, alongside the Rémy Cointreau Group, will continue working with his team on the upstream side (vineyard/sourcing) and on the champagne production side to perpetuate the estate’s know-how and family tradition.

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The scope of the acquisition deal includes the brands, stocks, production resources and real estate assets of the domain, as well as vineyards in Champagne.

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This acquisition would enrich Rémy Cointreau’s portfolio of exceptional wines and spirits with a high-end champagne brand that offers significant growth potential overtime, especially on the international market.

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The parties have agreed not to disclose the terms of the transaction.

JAXXON, an industry-leading, disruptive, direct-to-consumer jewelry brand, has partnered with Digital Fuel Capital and Timex Group (majority owned by The Baupost Group). Founded by Josh Deemer in 2018, JAXXON has scaled rapidly, leveraging its highly engaged and diverse customer community who view JAXXON as the ultimate destination for timeless designs and high-quality pieces. Offering a range of chains, bracelets, rings, and pendants, JAXXON’s wardrobe staples enhance any ensemble and can be worn every day from the gym to the office, to a night out.

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Propelled by a rapidly growing social following and an enviable roster of celebrities and athletes, JAXXON has predominantly grown its business through its own direct-to-consumer platform, and will continue to expand its omnichannel presence as it scales the business.

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Founder and CEO Josh Deemer will continue to run the business from its headquarters in Newport Beach, California with strategic insight from the teams at Digital Fuel Capital and Timex Group.

Rhokett was established in 2002 by Martin Dockett (CEO), Peter Le Voir (Chairman) and the late Michelin star chef Gary Rhodes, OBE, who provided financial backing. The business has delivered continuous growth through expanding its award-winning product offering and blue-chip customer base, whilst investing in exceptional manufacturing capabilities and building up a tremendous team, with strong backing from its many key stakeholders.

Spayne Lindsay is delighted to announce the acquisition of a majority stake in Whitworths by Equistone Partners Europe Limited (“Equistone”). Spayne Lindsay acted as corporate finance advisor to Equistone on this transaction. The acquisition values Whitworths at £90m.

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Whitworths is the UK’s largest supplier of dried fruit, nut and seed products, with approximately 30% market share in its category. The category has grown impressively through the economic downturn, achieving 7% growth per annum, as the popularity of healthier food alternatives and home baking continues to increase. In the year to April 2013, the Company generated total sales of £157.3m.

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Equistone’s investment will be used to support further development of the product range to address new usage occasions, such as out of home snacking, and to develop further Whitworths’ growing branded proposition, under multiple brands, as well as providing scope to acquire complementary businesses.

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Equistone is one of Europe’s leading mid-market private equity managers and has made several previous investments in the food sector, most recently Charles & Alice, a well-known French manufacturer of fruit desserts. Equistone’s acquisition of Whitworths marks its 14th investment from Equistone Partners Europe Fund IV.

Moma Foods is a UK-based breakfast brand specialising in plant-based oat milk, porridge, low-sugar granola and bircher muesli

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Spayne Lindsay is delighted to announce the sale of Clipper Teas (the “Company”), the Dorset-based supplier of Organic and Fairtrade teas, to Royal Wessanen nv, the listed Dutch health food company. Spayne Lindsay advised FF&P, the seller, on the sale. Founded in 1984, Clipper is an instantly recognisable brand in the UK with a product portfolio stretching across the tea, coffee and hot chocolate categories. Turnover for the year ending 31 December 2011 was approximately £16 million. Details of the consideration paid have not been disclosed.

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From its factory in Beaminster, Dorset, Clipper Teas supplies customers in the UK grocery and foodservice channels, as well as health food stores and, increasingly, also exports its products internationally. The Company supplies a full range of teas including Everyday, Green, White, Specialties and Infusions. All Clipper products are completely free from any artificial ingredients and the Company’s portfolio includes an entire range of Fairtrade, Organic teas. Its instant and ground coffees are made with Organic and Fairtrade Arabica beans and its hot and drinking chocolate products are also all Organic and Fairtrade. Clipper Teas will be integrated into the existing UK businesses of Wessanen, which currently include Kallo Foods Ltd, which has natural and Organic brands including Kallo and Whole Earth.

Premier Foods announced on the 24th January 2011 the sale of its Meat-free business, Marlow Foods to Exponent Private Equity and Intermediate Capital Group for £205 million on a debt-free, cash-free basis.

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The Meat-free business is the UK market leader in the meat alternative segment selling chilled and frozen products under the Quorn and Cauldron brands. Quorn offers a wide range of meat alternative products made from mycoprotein, including mince, burgers, sausages, escalopes, cottage pies, lasagne and snacking products such as picnic eggs. Cauldron is the UK’s No.1 brand in tofu and also produces a range of non-tofu products including falafels, vegetarian sausages and ready meals. Together, Quorn and Cauldron are in a complementary position to address the full spectrum of protein demand among vegetarians and non-vegetarian healthy eaters and meat reducers.

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Exponent was founded in 2004 by a long established team to invest in UK mid-market private equity opportunities. Their initial £400m Fund and subsequent £800m Fund have secured commitments from a broad range of the world’s most experienced institutional investors. Exponent seeks to take majority ownership positions in market-leading UKbased businesses in the size range £100-350m, across a range of sectors.

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Spayne Lindsay is delighted to have introduced the deal to Exponent and advised them on the acquisition of Marlow Foods.

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The transaction is conditional upon the consent from both Premier Foods’ lenders and shareholders with completion expected in early March.

Findus AB, the international frozen food business owned by EQT Partners A/S, has sold Findus Ltd to a management buy-in team as part of a disposal programme of non-core assets.

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Findus Ltd, the UK operation of Findus AB, produces a range of frozen food products including pasta products, crispy pancakes, prepared meals, pizzas, and recipe dishes for the UK, French and Swedish markets.

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Spayne Lindsay advised Findus AB on this transaction, the terms for which were not disclosed

Spayne Lindsay is delighted to announce that it has advised New England Seafood International (‘NESI’) on the sale of a majority stake to Sealaska Corporation, an Alaska Native Corporation owned by 23,000 Tlingit, Haida, and Tsimshian shareholders which is focused on investing in and operating businesses that improve the health of its oceans or homelands and benefit their shareholder communities.

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NESI is a London-based supplier of premium sustainable fish and seafood. Its expertise lies in a passion for responsibly sourcing and supplying more than 30 species of wild and farmed fish and seafood from 37 countries worldwide to the UK’s leading supermarkets and leading sushi and healthy eating chains via its Joii foodservice division.

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The partnership of two market leaders from different corners of the world creates an international business that builds on shared, long-standing values and commitments in the seafood industry. NESI will continue to be led by Dan Aherne and, having founded the business in 1991, Fred Stroyan will retain a shareholding in the business.

Spayne Lindsay is delighted to announce that it has advised Equistone Partners Europe on the acquisition of Gaucho Holdings Limited, the UK’s leading multi-brand steak-led restaurant group, from Intermediate Capital Group.

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Gaucho Holdings Limited includes both the Gaucho and CAU brands. Gaucho is a well-established premium steak-led brand with 16 restaurants, including sites in Hong Kong and Dubai. CAU is a fast growing upper-casual Argentine dining brand with 17 sites, including 1 in Amsterdam.

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The group was founded in 1994 by Zeev Godik, who continues to lead the business today.

Established in 2008, Blueberry Foods manufactures a range of premium desserts including cheesecakes, hot-eating desserts and pot desserts for UK grocery retailers from a purpose-built facility in Leicestershire with approximately 420 employees.

My Goodness, established in 2003 in London by Stuart Jeffreys and Jeremy Martin, predominantly trades under the For Goodness Shakes brand. Today, it offers a broad range of dairy based protein drinks which are widely available through supermarkets in addition to specialist sports and leisure outlets across the UK. From being trialled by athletes in the Beijing Olympics, For Goodness Shakes has gone on to be one of Britain’s biggest selling recovery and protein ready to drink brands and it will provide Aurivo with significant access to the growing sports nutrition / protein drinks and snacks market in the UK and Ireland. Post-acquisition, the business will continue to be managed and led by its existing leadership team.

Chilewich is a leading textile design brand for residential and commercial interiors recognized for having transformed and elevated the tabletop and floor mat categories. The company was founded in 2001 by Creative Director Sandy Chilewich, who was joined by CEO Joseph Sultan in 2004. Chilewich disrupted the market with its beautiful woven placemats and has since expanded its product portfolio to include floor mats, floor tiles, wall-to-wall carpeting, wall covering, and other accessories. The New York-based company has become a global provider of textile products sold in major department stores, such as Bloomingdale’s, Neiman Marcus, and Nordstrom; as well as in home and kitchen retailers, such as Crate & Barrel, Williams Sonoma, and West Elm, and at hundreds of specialty stores worldwide. In the hospitality world, Chilewich placemats adorn the tables of luxury hotels and restaurants in the US and internationally, including at The Four Seasons, Ritz Carlton, St. Regis, Le Bernardin, and Eleven Madison Park, to name a few.

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Chilewich also has a strong business to the trade whereby its flooring and wall product is specified for commercial developments, including offices, apartment buildings, hotels, fitness centers, restaurants, and healthcare facilities.

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Chilewich engaged the Sage Group to pursue sale opportunities in the marketplace. Chilewich chose to partner with Berkley Capital, and Sandy Chilewich and Joe Sultan will continue with the Company in advisory roles.

Spayne Lindsay is delighted to announce that it has advised on the acquisition of a minority stake in Higgidy Limited (‘Higgidy’) from the founders by Samworth Brothers. Samworth Brothers has the option of increasing its stake in the business in the years to come.

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Higgidy was established in 2003 by Camilla Stephens and James Foottit located in Shoreham-on-Sea and has grown to become a leading premium brand delivering ‘feel good family food’ to consumers through their range of pies, quiches, rolls, frittatas, slices, tartines and sharing boxes of rolls and swirls. Higgidy will remain a separate business with its own manufacturing facilities.

Owned by RAB Food, US based company specialized in canned sardines and affiliated to an investment fund managed by Bain Capital Credit, Season Brand LLC has been acquired by Mutandis, on June 2^nd, 2021.

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Born in 1921, Season Brand LLC is a leading premium canned sardine business in the US. Season Brand LLC products are distributed by the main retailers and grocery stores in the US including Costco and Walmart.

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The Season Brand LLC acquisition will add to Mutandis about US$ 50m in revenues and US$ 8m in EBITDA.

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On a more strategic perspective, Season Brand LLC opens to Mutandis access to the main US retailers and groceries. Mutandis will also be able to offer to Moroccan producers of various food products access to the US mainstream consumers, under the Season brand. The positive perception of the brand by the US consumers offers favorable perspectives to extend the current range of products, and benefit from the long-term growth potential of the US retail sector.

If you are interested to understand more about this transaction, then please contact us and a member of the team will be happy to answer any questions you may have.

Pura Vida is a rapidly growing, digitally native, and highly engaging jewelry and accessories brand. The company’s products feature an assortment of bracelets, jewelry, and other lifestyle accessories at an accessible price point. The company has an active and loyal consumer base that resonates with Millennial and Gen-Z audiences.

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The La Jolla, CA based company was founded in 2010 by Paul Goodman and Griffin Thall who met two artisans on the beach in Costa Rica and decided to bring back 400 bracelets to sell to their friends. The company has continued to employ 650+ artisans from around the world and support sustainable jobs in developing countries. The core belief of Pura Vida is giving back through the Pura Vida Charity Collection which has partnered with over 174 charities and donated over $1.7M to causes they believe in.

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Pura Veda engaged The Sage Group in mid-2018 to explore M&A opportunities. The Company selected Vera Bradley, a leading publicly traded brand of women’s handbags, luggage, and other fashion accessories, as the winning bidder and completed a sale of 75% of the company in mid-2019. The two companies run complementary businesses having multi-generational customer bases while keeping a deep focus on community and charity.

Founded in 2017 in Reggio Emilia (Italy), Pinsalab produces pinsa, a premium hand-made, pre-baked dough made of rice, soy, and wheat flours. Pinsa uses more water than the usual pizza dough and undergoes a longer levitation process of at least 24 hours. The mix of flours and the artisanal process guarantee a lighter crispy crust with a fluffy centre as well as fewer calories, lower fat and less sodium. The Company serves a significant portion of the main Italian food retailers, mostly through its own brand Pinsami, as well as a large contingent of foodservice operators.The company has enjoyed strong top-line performance on the back of exceptional growth of the Pinsa segment, generating annual triple digit percentage growth since its foundation. DICP will support the ambitious future growth plans of the Company, which include expanding production capabilities, the product offering and international sales.Pinsalab will continue to be managed by DICP co-shareholders and managers Fabio Grillo (CEO) and Mauro delle Vacche (CCO), as well as Robert Lehrer, newly appointed Chief Business Development International.

Based in North Wales, Deeside Cereals is a leading manufacturer of innovative private label breakfast cereals and cereal bars for leading food retailers.

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The acquisition will bring together Wholebake and Deeside Cereals to form a new combined group operating in the bar and cereals categories.

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The combined group will be led by Peter Unsworth (Non-Executive Chairman) and Simon Faithful (CEO), who will focus on innovating and driving growth in both the expanding snack bar category and own label cereal market.

Spayne Lindsay is delighted to announce that it has advised on the sale of T S Bloor & Sons Ltd, one of the UK’s leading quality ham producers, to Karro Food Group, the leading supplier of British pork to the retail, trade and foodservice industries, and a portfolio investment of CapVest.

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Established for more than 100 years, TS Bloor & Sons offers an extensive range of matured, traditionally crafted hams which are roasted, steamed or simmered the old-fashioned way in open water. Following a £6.5m investment in a state-of-the-art 37,000 sq ft factory in Leicestershire, the company currently cooks up to 13,000 hams a week in British Retail Consortium approved premises.

Founded in 2014, Brighter is an award-winning developer and manufacturer of snack bars with a proven track record of working in partnership with leading international snack bar brands, including an increasing number of blue-chip customers, and innovative small and medium sized companies. From its factory in Tywyn, in mid-Wales, Brighter develops and manufactures a breadth of bars with a variety of ingredients, nutritional requirements, toppings, finishes and formats.

Spayne Lindsay is delighted to announce that it has advised Soulfresh, an innovative fast-growing global food and beverage company, on a AU$50m investment from True Capital, the consumer sector-focused equity investor.

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The investment will accelerate Soulfresh’s global expansion and support growth across its core categories and brands.

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Founded in Melbourne, Australia, in 2003, Soulfresh has grown to become a global ‘better-for-you’ branded food and beverage company. Soulfresh operates across three core categories: living beverages (e.g. kombucha); plant-based foods (e.g. meat substitutes and vegan ready meals), and plant-based drinks (e.g. nut-based milks). Soulfresh products can be found in major retailers and independent supermarkets across Asia Pacific, the UK, Continental Europe and South Africa.

Paul Frank is a leading designer, wholesaler, and retailer of creative consumer products. Based in Huntington Beach, California, the brand is known for the iconic monkey Julius featured on uniquely branded clothing for men and women, accessories, and furnishings.  Founded in 1995 by Paul Frank, Ryan Heuser, and John Oswald, the Company has attracted a cult-like following of teens, celebrities, and other influencers as well as becoming instantly recognizable around the world.

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Paul Frank reached out to The Sage Group to explore sale opportunities in the marketplace. In 2020, Paul Frank Industries, an affiliate of the Saban Capital Group LLC, sold all intellectual property rights worldwide to the brand to Futurity Brands.

Spayne Lindsay is delighted to announce that it has advised Valeo Foods, a leading international ambient food group, on the sale of Nimbus Foods Limited to Meadow Foods, UK’s top supplier of dairy based ingredients to the food industry.

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Nimbus Foods Limited is one of Europe’s leading innovators and manufacturers of high-quality inclusions, decorations, and toppings for the food industry. The company operates from a BRC AA Grade factory in Dolgellau, Wales, and supplies a broad range of value-added ingredients to some of the world’s best-known producers of confectionery, bakery, ice-cream, and chilled desserts products.

Max Plus, a French B2C discount and stock clearance retailer, has been taken over by the German retail store chains operator TEDi, as part of a receivership proceeding with Rennes Commercial Court initiated in the spring.

TEDi will take over most of the employees and will invest into the refurbishment of the 45 stores acquired which will be re-branded under TEDi's brand.

Founded in 2012, THE PROTEIN WORKS™ is a direct-to-consumer sports nutrition business that sells a wide range of protein powders, snacks, supplements, and foods, manufactured at their 34,000 square foot facility in Runcorn, Cheshire. The business is run by CEO Mark Coxhead, who co-founded the business, and Marketing Director Laura Keir.

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THE PROTEIN WORKS™ sells a range of products, including its leading vegan range and unique snacks produced from its in-house bakery, direct to consumers in the UK and the EU through its dedicated European websites. The business also sells to markets across the globe via a network of international distributors.

LG H&H is Korea's leading consumer goods company, with strong market positions in all major categories including cosmetics, personal care and home care.   It is also Coca-Cola's bottler in South Korea.  South Korea is one of the world's largest and most innovative beauty markets, with over USD 13.1 billion in sales in 2018.  The addition of Avon's iconic brand, award-winning products, dedicated employee base and network of 250,000 sales representatives throughout North America will support LG H&H's international growth plans. Under LG H&H�s ownership, Avon North America will continue its strategy of product innovation, while strengthening its position as the leading social selling beauty company in the region. Avon North America is expected to benefit from LG H&H�s world-class R&D capabilities in cosmetics, personal care, fragrance, packaging and design.

KWDZ Manufacturing is a leading fast fashion wholesaler of apparel for the tween market. Since 1982, the Company has been offering cute, fashionable, and sensible apparel including knit tops, knit sets, skirts, leggings, and woven items. The Los Angeles-based company has positioned itself at the forefront of the tween industry with its flagship brands, Knit Works and Beautees as well as the success of its wholesale private label business. KWDZ’s products can be found at such retailers as Kohl’s, JCPenney, Macy’s, Costco, and Dillard’s.

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The Sage Group was engaged by KWDZ as the exclusive financial advisor to explore sale opportunities. The Company was acquired by Byer California, a supplier of junior and misses clothing to major department stores.

Founded in 2005 by Jason Rickaby and Mark Bowering, PhD has developed into one of the UK’s leading protein brands with a reputation for premium, high quality and innovative products aimed at sports enthusiasts and gym lifestyle consumers. PhD is UK-headquartered but also has an established and growing international business with a presence in over 45 countries across Europe, the Middle East, China and Australia. It has an experienced management team, led by Jason Rickaby, that has a track record of delivering consistent revenue growth and profitability. For the year ended 31 August 2018, it generated revenue of £21 million.

Founded 50 years ago, Berry Gardens Growers Limited is the UK’s largest production group of berries and stone fruits. Established and run as a wholly owned UK grower co-operative, the business has a centralised service model that allows growers, from across the UK and overseas, to access the company’s proprietary R&D and focus solely on producing the best fruit possible.

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Berry Gardens has grown, distributed and marketed Driscoll’s varieties on an exclusive basis in the UK for more than 20 years. The sale of the commercial desk to Driscoll’s is the latest development in the longstanding relationship between the two businesses.

Based in Los Angeles, A.L.C. is a ready-to-wear collection of modern womenswear. Founded in 2009, designer Andrea Lieberman debuted her collection of essentials through sophisticated, yet considered pieces that celebrate the notion of casual luxury, sartorial convenience, value, and versatility. In spring 2014, Lieberman launched her handbag collection.

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A.L.C. has been recognized as a leader in advanced contemporary design. The collection continues to be a top performer at leading retailers, including Barneys, Bergdorf Goodman, Saks Fifth Avenue, Intermix, Harvey Nichols, Harrods, and Matchesfashion.com. A.L.C. engaged The Sage Group to explore investment opportunities. In August 2015, A.L.C. chose to partner with InterLuxe, a portfolio company of Lee Equity Partners. Together, A.L.C. and InterLuxe will focus on management and infrastructure developments as well as open retail stores and expand into e-commerce.

Spayne Lindsay is delighted to announce that it has advised on the acquisition of Seabrook Crisps Ltd (‘Seabrook’), the iconic Yorkshire crisp brand, by Calbee (UK) Ltd, the UK subsidiary of $2.3bn Japanese global snack company, Calbee Inc.

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Established in 1945, Seabrook is an iconic crisp brand producing a range of crinkle cut, straight cut and lattice crisps, as well as low-calorie snacks, from its headquarters in Bradford where it employs 160 people. Today it produces more than 250 million bags of crisps a year, which are enjoyed by consumers worldwide having successfully entered new markets including the United Arab Emirates, China, France, Spain and Australia.

Tortilla is the largest and most successful Mexican restaurant group in the UK. The Group has 62 sites worldwide, comprising 52 sites in the UK and 10 franchised sites in the Middle East.

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The brand is synonymous with an energetic, vibrant culture and with providing a great value-for-money proposition. It embraces fast-growing sector trends (including eating out, healthy eating, provenance, ethnic cuisine, delivery) across a variety of locations through a clearly defined multi-channel marketing strategy.

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Spayne Lindsay was appointed to advise on exit options and worked closely with the company’s shareholders and management to help maximise value and future growth.

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Spayne Lindsay is delighted to announce that it has advised on the sale of Haydens Bakery, a leading UK-based manufacturer of premium, sweet bakery products, to Bakkavor, a leading global provider of fresh prepared foods.

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Established in 1976, as a family run bakery shop in Wiltshire, Haydens Bakery was acquired by Real Good Food plc in 2003. The Business sells principally to major retail customers and operates a same day consolidation service for one of its major customers. It operates from two sites in Devizes, Wiltshire and has c.480 employees.

Nanette Lepore is a premier designer brand of upscale womenswear, shoes, handbags, and bathing suits. The New York-based company was founded in 1992 by Nanette Lepore and her husband, Robert Savage, and has since become one of the most recognizable names in American fashion. The Company has gained a loyal following including celebrities like Blake Lively, Carrie Underwood, Nicki Minaj, and Taylor Swift. The brand is sold primarily through North American retailers such as Neiman Marcus, Saks Fifth Avenue, Bergdorf Goodman, Nordstrom, and Macy’s as well as its standalone stores in New York, Las Vegas, and Boston.

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The Sage Group advised Nanette Lepore and initiated the transaction with Bluestar Alliance. The partnership will focus on expanding into new licensed categories and markets. Nanette Lepore and Robert Savage will continue to operate the business

Spayne Lindsay is delighted to announce that it has advised on the strategic investment in Meadow Foods, the UK’s largest independently owned dairy group and leading supplier of added value ingredients to the food industry, by Exponent Private Equity, one of the UK’s leading private equity firms.

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For 25 years, Meadow Foods has built strong relationships with both farmers and customers, to become a leading supplier of milk and dairy ingredients to the food industry. With a network of over 650 producers, they supply more than 100,000 tons of dairy ingredients per year, from three UK factories to food manufacturers and foodservice customers.