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Hill Biscuits has been acquired by Cerealto UK, the UK arm of the Spanish agri-food business, marking an exit for its long-time private equity investor, LDC.
Founded in 1855, Hill Biscuits began as a small family-run shop before expanding and relocating to Tudno Mill in Ashton-under-Lyne, Manchester, in 1893. The company has since become "one of the largest and longest established biscuit manufacturers in the UK," said Hill Biscuits.
LDC, part of Lloyds Banking Group, invested in Hill Biscuits in 2017 to support the firm's growth strategy, focusing on investments in new technology, manufacturing efficiencies and personnel development.
Frank Bird, CEO of Hill Biscuits, said: “This acquisition marks a pivotal moment in our journey to become the leading provider of everyday essential biscuits. This exciting opportunity allows us to harness and energise the experience and excellence of our two bakeries, enhancing our capabilities to meet customer needs.”
Bird continued: "I want to extend my gratitude to LDC, our investment partner since 2017. With their support, we have built a dedicated leadership team that has significantly grown our business. LDC has provided us with the confidence and resources to develop, invest, and innovate."
“Over the past seven years, we have made notable strides in enhancing our processes and products. Now, as we approach our 170th anniversary next year, we’re looking forward to partnering with Cerealto UK, and are poised to accelerate growth and innovation even further.”
Rob Powell, partner at LDC, added: “Hill Biscuits is a renowned and trusted supplier of quality products and it’s a business that refuses to stand still, achieving impressive rates of growth over recent years. We are proud to have supported the business and we wish the team every success for the future.”
Terms of the transaction were not disclosed.
Top image: © Hill Biscuits
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