Springboard is delighted to announce that it has advised the shareholders of heritage brand Thomas Fudge’s on the sale of the business to Burton’s Biscuit Co.
About the deal
Founded in Dorset in 1916, Thomas Fudge’s supplies premium biscuits, flatbreads and Florentines to major supermarkets and independent retailers across the UK. Thomas Fudge’s has built a strong market position as an iconic British brand focussed on premium bakery and biscuit products, operating from its own UK based bakery in Dorset. Livingbridge invested in Thomas Fudge’s in 2016 to support a management buy-out.
Burton’s Biscuit Company is owned by Ontario Teachers’ Pension Plan. Burton’s is a major UK biscuit manufacturer which owns the Jammie Dodgers, Wagon Wheel and Maryland Cookies brands and employs more than 2,200 people across the UK.
Partners Ben Bolt, Simon Ward and Manager Jamie Berry advised the shareholders of Thomas Fudge’s on the transaction. Ben commented: “We are delighted to have been able to deliver a successful exit for the shareholders to a strategic trade acquirer. Thomas Fudge’s is a great UK brand and we wish the team well in their new home.”
How we made a difference
- Performed benchmark valuation to assess likely trade appetite;
- Confidentially approached a small and select number of strategic trade acquirers;
- Managed a competitive sales process to maximise the terms of exit and ensure a smooth sale of the divisional business; and
- Project managed due diligence and legal processes.
Emma Davies, Chief Executive Officer - Thomas Fudge's
My team and I are delighted to have completed the sale of our business to Burton's. Springboard provided invaluable support and counsel throughout the process.