Springboard Corporate Finance is pleased to announce that it has advised the shareholders of Claremont Ingredients on the sale of the business to online retailer The Hut Group (‘THG’).
Claremont, which is based in Silverdale Staffordshire, creates and manufactures a complete range of liquid and powder flavourings for beverages, baked goods, ice cream and dairy products, sugar and chocolate confectionery and sports nutrition products and is a long-standing supplier to THG.
The deal has seen Claremont’s founders managing director Martin Pinfold and finance director Katharine Pinfold step down from the board. It will now become part of THG as part of the group’s vertical integration strategy, which has also seen it buy Luton-based fruit ingredient supplier David Berryman. The deal is one of three completed by THG over recent weeks with a total value of £320m.
Matt Moulding, THG’s chairman and chief executive, said: “Claremont will play a key role in developing flavours tailored to local tastes across the globe. Together these acquisitions will enable THG to significantly accelerate the launch of further product innovation to global markets, while increasing the proportion of THG Nutrition products wholly manufactured in-house.”
Springboard Partner Justin Sparks, Director Robert Johnson and Executive Tom Hammond advised the shareholders of Claremont on the sale. Justin commented “We are delighted to have supported the shareholders in delivering a great outcome that enables them to realise the benefit of their hard work over many years. Claremont is a real UK manufacturing success story, with market leading liquid and powder flavourings, that I am sure will continue to go from strength to strength under the ownership of The Hut Group. This is another client we have helped to sell to a listed strategic buyer despite challenging market conditions. The transaction is a further demonstration of our track record in the food sector.”
Katharine Pinfold - Claremont Ingredients
"Springboard steered the sale of our company through the challenging period of Covid-19. Throughout a long process they worked tirelessly and were always available, professional and supportive. We have no doubt that we chose the right partner to manage the sale process.”