LDC has backed the secondary buyout of Addo Food Group, a UK-based chilled pastry producer, from Vision Capital.
Private investment fund Fullbrook Thorpe Investments, backed by former Clinigen Group owner Andy Leaver, has invested alongside LDC.
The Nottingham-headquartered business produces more than 287 million packs of chilled savoury pastry products every year, supplying all major supermarkets and employing more than 2,500 people across six UK sites.
“With Addo doubling in size since our acquisition, Vision Capital is proud of the business we have built in a highly collaborative relationship with Chris [Peters, Addo managing director] and his team,” said Vision Capital’s Oliver Jones.
With the new capital, Addo Food Group aims to improve product innovation and expand into new markets through organic growth and acquisitions.
Under Vision’s ownership, the business acquired Kerry Food’s £100m chilled savoury pastry operations in 2014.
Vision acquired Addo, then known as Pork Farms Group, from Northern Foods in 2007. The business changed its name in 2015.
It produces own-brand and branded products including sausage rolls, hot pies, slices, pork pies, scotch egg products and quiches.
Its premium pastry products include Tottle pork pies, Walls savoury pastry and Pork Farms pork pies, and Addo launched a “Too Good to Be” range of gluten-free sweet and savoury pastry products last year – the first of its kind.
Addo will continue under the leadership of its existing management team, with LDC’s Andy Grove and Victoria Marcer joining as non-executive directors.
Paul Monk, who is currently non-executive chairman at Seabrook Crisps and has previous experience at Mars, Golden Wonder, Finsbury Foods, Quorn and Burton Biscuits, will take the same role at Addo.