Frozen specialist Fullers Foods International has undergone a management buyout, with the fourth generation of the family business selling for an undisclosed sum.
Joint CEOs Adam and Jason Fuller struck a deal with the existing management team led by MD Kevin Smith and backed by a group of private investors.
Fullers Foods was founded in the Leeds markets by Harry Fuller in 1876 selling fruit & veg. By the 1960s, the group started diversifying into new categories and sourced and distributed frozen foods around the region, including for Asda.
Today, the group supplies a wide range of own-label frozen products to Asda, Morrisons, Tesco, M&S, Aldi and Co-op, as well as the foodservice industry.
It generated revenues of £335m in the year ended 31 January 2022, with pre-tax profits of £18.3m, according to the latest filings on Companies House.
Smith, who has worked closely with the Fullers family for more than 18 years, the past five as managing director, will take up the role of CEO following the MBO.
He has more than 25 years’ experience working in retail and food businesses, spending 13 years at Asda and Young’s Seafood.
“The new investment will enable us to grow on our many strengths, building our supplier and manufacturing capability around Europe and the world and expanding our team here in Leeds,” Smith said.
“It’s very much business as usual, with a bright future ahead.”
Jason Fuller added: “In looking at who best to take over stewardship of the Fullers business and to ensure continuity of operations for our customers and suppliers, Adam and I felt the time had come to hand over to a younger generation who are excellently placed to take the company onto the next level of growth.
“We strongly believe that under Kevin’s sustained leadership Fullers will be in safe hands, will remain at the forefront of the food industry and will continue to thrive.”
The sellers were advised by accountancy firm Brown Butler and DJP Advisory.
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