Intermediate Capital Group has taken a minority stake in Leeds-based manufacturer Symington’s.
Following the deal, ICG will hold a 49.9% stake in the convenience foods maker, with existing management holding 50.1% of the shares. The deal provides an exit for previous private equity investor Bridgepoint.
Symington’s will also be replacing its funding package from Yorkshire Bank with banking support from a new group of banks comprising RBS, Lloyds and HSBC.
The company produces a wide range of convenience products under its own brands, under licence and for private label customers. Last year it snapped up Ragu and Chicken Tonight ambient sauce brands from Unilever last year.
The new financing comes with the company thought to be pondering a move for Premier Foods brands including Angel’s Delight and Bird’s Custard.
“These are tough but exciting times for the grocery market, and we want be sure that Symington’s continues to play a leading role through category and product innovation and continued investment in its product and retailer brand plans,” said Symington’s chief executive David Salkeld.
“We are delighted to partner with ICG, who took a different approach and have provided us with a unique financing structure which will give us a strong platform for future growth and expansion.”
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