Addo Food Group, the UK’s leading chilled savoury pastry producer, has had an award-winning year following its multi-million-pound investment from mid-market private equity firm LDC in April 2017.
The Nottingham-headquartered group, which announced a boost in sales to more than £270m in January 2018, is on track to record further growth in the next twelve months.
This strong performance has led to a ranking of 16th on the Nottingham Post’s Top 200 Nottinghamshire Companies, up five places from 2016, as well as the business’ highest-ever listing on the Sunday Times Grant Thornton Top Track 250 at 92nd place.
The success follows LDC’s investment in Addo Food Group in April 2017 to further support its growth strategy, which includes the development of new products and securing new contracts with some of the UK’s leading food retailers.
The business employs more than 2,500 people and produces more than 250 million packs of chilled savoury pastry products ever year. It manufactures a range of own-brand and branded products including sausages rolls, pork pies and quiche and supplies them to the UK’s leading food retailers.
Last year, the group teamed up with food distribution charity FareShare and has since donated more than 78 tonnes of surplus food to local charities that provide free meals for vulnerable people in the community.
Chris Peters, group managing director at Addo Food Group, said: “This has been a fantastic year for us, with momentum set to continue as we focus on product innovation and new contract wins.
“The support of a strategic partner like LDC has been invaluable in providing the capital and guidance to help us carry out our growth ambitions and we’re looking forward to implementing the next stage of our strategy.”
Victoria Marcer, investment director at LDC, added: “Chris and his team have shown the ambition to boost Addo Food Group’s revenue and this recent success is a real testament to their hard work and determination.
“We backed Addo Food Group as part of our strategy of recognising and investing in ambitious management teams. This is a great example of how we can work in partnership with these teams and individuals to achieve fantastic results.”
LDC invested in Addo Food Group in April 2017 to accelerate its growth through product innovation, expansion into new markets and acquisitions in adjacent markets. The deal saw Paul Monk, who has experience with Seabrook Crisps, Mars and Golden Wonder, join the board as non-executive chairman.