Turnaround investor Endless has sold Phoenix Foods, one of its oldest investments, to Speciality Powders (SPHL).
Phoenix, based in Corby, produces dry powdered and granular food products including hot chocolate, frappe blends, milkshakes, custard, stuffing mix and gravy powder. The business also has a number of packaging lines to meet high volume demands.
Endless invested in the company in April 2007, backing the management team led by chairman David Manning. The turnaround house also invested into Phoenix's factory facilities to increase its run-rate.
“Phoenix Foods was one of the oldest investments in our portfolio and one of the last investments in our first fund,” explained Darren Forshaw, co-founder of Endless. “There is a powerful strategic fit with Speciality Powders and the combined business is well positioned for future success.”
Based in North Yorkshire, SPHL is the holding company for three manufacturing companies that provide powder processing and production services to well-known brands throughout Europe.