Meadow Foods has announced that Canadian financial holding firm, Fairfax Financial, has agreed to acquire a “significant” equity interest in the company.
Meadow is an ingredients company focusing on the dairy, confectionery and plant-based industries. The company employs over 500 people across its five UK sites located in Chester, Peterborough, Holme-on-Spalding Moor, Dolgellau and Headcorn.
In 2018, private equity firm Exponent partnered with Meadow’s founders, the Chantler family, to acquire the business. Fairfax Financial has purchased the unknown stake in Meadow Foods from Exponent.
Mark Taylor, partner at Exponent, commented: “When we invested in Meadow, we recognised the opportunity to support the business in its transformation from a commodity dairy player to a diversified speciality food ingredients supplier, building on our experience in the sector with the likes of Quorn Foods and Loch Lomond”.
He continued: “Over the course of our partnership, the business has generated significant organic and inorganic growth, including four bolt-on acquisitions, and accelerated its shift into more value-added ingredients. It is a trusted partner to the world’s largest food and beverage companies. We are delighted to have played a key role in Meadow’s successful journey to date, and we wish the team well as the business prepares for its next phase of growth.”
Raj Tugnait, CEO at Meadow, said: “To have caught the eye of an investor like Fairfax Financial is an excellent outcome for Meadow as they are the perfect partner for our future growth. We look forward to a long-term, sustainable partnership and continuing to deliver growth and opportunities for our customers, suppliers and colleagues.”
Terms of the transaction were not disclosed.
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