FDC provides backing to support the acquisition of award-winning producer of black puddings.
An award-winning producer of black puddings has been acquired by artisan food group Panicium in a deal backed by Frontier Development Capital (FDC).
The Bury Black Pudding Company (BBP) started from a stall on Bury’s world-famous market and now also supplies supermarkets, foodservice companies, wholesalers, hotels, butchers and restaurants across the UK.
BBP uses a recipe that dates back over a century and claims to manufacture the healthiest black pudding on the market, with less than three per cent fat and no artificial preservatives. It has also developed vegan, gluten-free and chilli varieties.
The company was founded by managing director Debbie Pierce, who began working on her local market at the age of 12 as a Saturday girl. She became business partners with Richard Morris (Production Director), who had taken over his father’s black pudding business. BBP now has a turnover of £11.5m, employs 122 staff and operates from a 25,400sq ft factory in Bury.
The deal is the third acquisition for Panicium and follows those of handmade cakes and biscuits producer Margaret Hall and specialist potted meats and spreads manufacturer Binghams Food in 2018 and 2021 respectively.
FDC provided a funding package to support the deal, with additional funding coming from Shawbrook Bank. The FDC team consisted of Ondrej Okeke and Kathryn Hoverd.
Graham Norfolk, one of Panicium’s founding directors, said it remains business as usual for BBP and its workforce, adding that the group would invest to further grow the company by introducing new product ranges, increasing its market share and expanding customer relationships.
Debbie and Richard will remain in their roles and join Panicium’s senior management team.
Debbie said: “Having steadily grown our sales and developed new business, Richard and I decided that it was time to start the next phase of business growth through becoming part of a group that is committed to the quality of its products and maintaining the family values of which we are so proud. BBP is poised for step-change growth and will benefit from investment and market extension available through the Panicium group.”
Graham Norfolk said: “The Bury Black Pudding Company makes artisan, high-quality, delicious products with a distinctive brand, and complements Panicium’s strategy of acquiring companies in the UK artisan food sector to develop a portfolio of brands characterised by their hand-made, high-quality nature with a distinctly regional identity.”
Ondrej Okeke, FDC Investment Director said: “We are delighted to have supported Panicium on the Bury Black Pudding acquisition. It is a great example of how FDC has been supporting strong buy & build propositions over the last 12 months, and we look forward to working with Graham and the management team as the business develops.”
Part of Mercia Asset Management,FDC supports mid-market SME businesses across the country with debt funding between £1m and £7.5m.
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