Momentum completes third transaction of the summer having advised the management team of Forthglade Foods Ltd in a secondary buyout
Momentum Corporate Finance LLP is delighted to announce the completion of its latest transaction, having advised the management team of Forthglade Foods Ltd in a secondary buyout, backed by IK Investment Partners.
This is Momentum’s third successful completion of the summer, following on from the sale of Naimuri Limited to Qinetiq Group PLC and the sale of Techmodal Limited to BAE Systems PLC.
Forthglade is a fast-growing UK based natural pet food brand, producing premium wet and dry dog food and treats. The Company was founded in 1971 and has been led by Gerard Lovell and Chris Brooking since their management buyout in 2011 and subsequent investment by Piper in 2015.
IK will acquire a majority stake in Forthglade, with the management team reinvesting alongside.
The Company recently opened a factory in Devon, which produces the business’ natural wet dog food and has significant additional capacity to support future growth.
Gerard Lovell, Joint Managing Director of Forthglade comments: “We thoroughly enjoyed working with Momentum. Management buyouts are, by their nature, complex transactions and we were delighted to have Rob and the team alongside us as our independent advisors throughout this transaction.
They worked seamlessly with both buy and sell side teams, helping move the deal forwards.
“We are delighted to partner with IK for the next stage of our growth. With their experience across food production and animal health and an established Pan-European footprint, they are well placed to help us grow our offering and enter new markets. We have exciting plans ahead as we look to expand our success in wet into cold pressed and treats, and we see a strong runway for growth ahead.”
Rob Crews, Partner at Momentum Corporate Finance LLP, comments: “Congratulations to Gerard, Chris and the whole Forthglade team in the successful completion of their secondary buyout backed by IK. We are delighted to have been able to advise management on this transaction.
“Forthglade is a rapidly growing consumer branded business led by a high-calibre management team and we are confident that it will continue to thrive alongside its new backer. This deal highlights that, despite the current macroeconomic uncertainty, there is still strong private equity appetite for high-quality assets such as Forthglade.”