Case Studies

Case Study: Cranswick

The Company:

Cranswick Pet Products (‘CPP’) is the UK’s leading manufacturer and distributor of wild bird food products and accessories. The business has a long-standing history dating back to 1789 and a strong portfolio of brands including well-renowned names such as Nature’s Feast, Bucktons and Cheeky Boy

Added Value:

  • In 2009 LDC took a majority stake investment in CCP which was a trading division of Cranswick Pet & Aquatics
  • LDC worked in close partnership with the management team and drove a strategic growth plan
  • In 2012 sales increased to £41.3m, an uplift of more than 10% from £37.5m in 2009
  • Throughout the investment period CPP had a strong resilience throughout a sustained period of recession, particularly for the retail sector


  • In 2012 LDC completed an £18m exit transaction with Northern Ireland-based Westland Horticulture the leading supplier of horticulture products
  • The acquisition of CPP fits with Westland Horticulture’s strategy to further penetrate the broader garden products sector
  • LDC has retained it’s majority stake in Cranswick’s other trading division, The Tropical Marine Centre, the UK’s largest supplier of tropical marine fish, aquatic accessories and food and will continue to work closely with management to further develop the business
“Our investment in CPP saw us back a first rate management team of a market leading business which showed strong resilience throughout a sustained period of recession, and ultimately generated a good return for LDC.”
John Garner, Director, LDC


  • 10% uplift in sales
  • 1.7x exit money multiple
  • Completed strategic growth plan
  • £18m exit transaction