News
LDC exits Shaken Udder after partnership serves up growth
17 Nov 2025
LDC, the leading private equity investor, has exited its investment in Shaken Udder, the UK’s number one premium and fastest growing milkshake brand, to Idilia, the leading chocolate business in Spain.
LDC’s exit follows a transformational four-year partnership, during which Shaken Udder increased revenue by 91%, increased headcount by 66% and outgrew the market with a 23.5% CAGR.
Based in Essex, Shaken Udder was founded in 2004 by husband-and-wife Jodie and Andrew Howie. They started offering premium milkshakes, made with fresh milk and real ingredients, at festivals including Glastonbury and Bestival before launching to retail in 2008 and breaking into major national supermarkets, including Waitrose, Sainsburys, Tesco, Co-Op and Asda.
LDC backed Jodie, Andrew and their management team in 2021 with a minority investment to help further expand the company’s customer base, enter new channels and develop new products.
Since then, the business has grown retailer distribution points by 14,500 (80%), expanded into the convenience channel with a range of ambient products and launched a new line of award-winning protein milkshakes, the chocolate flavour of which won gold in the dairy drinks category at The Grocer’s 2024 New Product & Packaging Awards. It also strengthened its team with 4 senior appointments, bringing experience from brands such as Danone and Alpro.
Over the course of the investment, LDC’s Value Creation Partners (VCP) team provided supply chain transition expertise to help Shaken Udder diversify its supply chain, marketing expertise to help refine targeting and positioning, pricing analysis, cyber security and data protection support to improve business continuity, and helped the business to improve its ESG credentials.
LDC’s exit was led by Investment Director Simon Peacock and David Bains, Partner and Head of the East Midlands and East of England.
LDC’s backing has supported us in professionalising the business, securing our supply chain and aided us in attracting some top talent. We’ve come a long way together, and we’re proud of what the business has achieved.”
Simon Peacock, Investment Director at LDC, said: “Shaken Udder has truly shaken up its market through a highly effective retail strategy and a relentless focus on product innovation, all while maintaining the focus on quality and flavour that first made it a hit on festival grounds.
“Our relationship, including the involvement of our VCP team, has been a great example of the full breadth of capabilities and support that we offer management teams, and the results that true partnerships can deliver. We wish Jodie, Andrew and the team all the best for the next phase of their journey.”
This exit continues LDC’s strong track record of supporting the growth journeys of consumer brands, including food and drink brands like Shaken Udder.
Its current portfolio includes fine foods manufacturer Bramble Foods, which it backed in 2021 and which has since made two acquisitions to expand its product range, and Bespoke Kitchen Foods, a leading provider of innovative vegetarian and vegan products for the pub and casual dining market. Over the last decade, consumer-sector businesses that LDC has partnered with have seen average growth in enterprise value of 226%, including the backing of Fever-Tree, Forest Holidays and Zip World.
LDC was advised by Grant Thornton (Doug Bentley and Tom Johnson) – corporate finance; KPMG (Chris Stott and Chulanga Jayawardana) – financial due diligence; Freeths (Ania Gabrielczyk and Mo Abbas) – legal.
Shaken Udder Management was advised by Birketts (Corinne Spencer).
Idilia was advised by EY and Clifford Chance.