The corporate team at Pannone Corporate advised the management team at a Greater Manchester biscuit maker which bought out the business in a private equity backed deal.
Hill Biscuits, which is based in Ashton-under-Lyne, can trace its roots back to 1855 when John and Sarah Hill opened a grocery shop at Dukenfield in Tameside.
The business now produces more than 30 million biscuits each week for the retail and foodservice markets. Key products include digestives, ginger nuts, custard creams, bourbons, malted milks and gingerbread men.
The management team, which was led by managing director Steven Wetherby and backed by mid-market private equity house LDC, plans to expand production capacity and grow the business through acquisition.
The deal provides an exit for the Bennett family, which originally bought the business out of Rowntree in 1980.
Mr Wetherby said: “Partnering with LDC will enable us to drive significant investment into the business for the benefit of our customers, adding greater production capacity and innovative new ranges, whilst staying focused on our core offering of quality, value for money products.”
Mark Winthorpe, corporate partner at Pannone Corporate who led the team which included Arshnoor Amershi, said: “The buyout will enable Hill Biscuits to expand its production capacity to meet demand from existing and new customers both in the UK and overseas
“The company has an exciting future and we wish the team every success for the future.”