London / UK. (ldc) LDC Managers Limited, the private equity investor which is part of Lloyds Banking Group, has exited its investment in Hill Biscuits to Cerealto UK Limited, a portfolio company of Davidson Kempner Capital Management and Afendis Capital Management, following a long-term partnership.
Hill Biscuits Limited was founded in 1855 by Sarah and John Hill as a small family run shop. The business expanded and in 1893 moved into Tudno Mill in Ashton-under-Lyne, Manchester, where Hill’s bakery remains. Over the years the business has grown substantially and today is a true British success story. Hill Biscuits has become one of the largest and longest established biscuit manufacturers in the UK, producing hundreds of millions of biscuits each year, supplying a range of customers across retail, wholesale, and foodservice markets.
LDC partnered with Hill Biscuits in 2017 to support its organic growth strategy. It went on to help the business to invest in new technology to improve manufacturing efficiencies and increase capacity, whilst also investing in people development. During the seven-year partnership, Hill Biscuits more than doubled revenues to over GBP 40 million in 2024, including reporting sales growth of 44 percent for last year. Today, it employs 350 people.
Frank Bird, CEO of Hill Biscuits: «This acquisition marks a pivotal moment in our journey to become the leading provider of everyday essential biscuits. This exciting opportunity allows us to harness and energise the experience and excellence of our two bakeries, enhancing our capabilities to meet customer needs.
«I want to extend my gratitude to LDC, our investment partner since 2017. With their support, we have built a dedicated leadership team that has significantly grown our business. LDC has provided us with the confidence and resources to develop, invest, and innovate.
«Over the past seven years, we have made notable strides in enhancing our processes and products. Now, as we approach our 170th anniversary next year, we’re looking forward to partnering with Cerealto UK, and are poised to accelerate growth and innovation even further.»
Rob Powell, Partner at LDC: «Hill Biscuits is a renowned and trusted supplier of quality products and it’s a business that refuses to stand still, achieving impressive rates of growth over recent years. We are proud to have supported the business and we wish the team every success for the future.»
OTHER TOPICS FROM THIS SECTION FOR YOU:
- Utz: Announces Opening of Rice Distribution Center
- Red Robin: announces investment and director appointments
- Greencore PLC: announces Full Year and Q4-2024 Results
- Smucker Company: announces Q2 fiscal 2025 results
- Goodfood: Reports Fiscal Year and Fourth Quarter 2024 Results
- Yum China: Launches Digital Supplier Recruitment Platform
- Clairvest Group: Invests in Redstone Food Group
- Post Holdings: Reports Q4 and Fiscal Year 2024 Results
- Instacart: Announces Q3-2024 Shareholder Letter
- Arcos Dorados: Reports Q3-2024 Financial Results
- WK Kellogg: announces Q3-2024 financial results
- Campbells: Shareholders Approve Company Name Change
- SSP: signs deal to operate new outlets at Vilnius airport
- Coffee Holding: Announces Purchase of Empire Coffee
- Hershey: Expands Sweets Portfolio with Acquisition
- DPC Dash: Celebrates Opening of its 1’000th Store in China
- Kerry Group: intends to sell Kerry Dairy Ireland
- Turpaz acquires German flavor company Schumann
- Flowers Foods: Reports Third Quarter 2024 Results
- Campbells: to Sell Yoghurt Business to Lakeview Farms