A Corby company which manufactures dry powder food products and employs a workforce of 100 has been sold in a multi-million pound deal.
Phoenix Foods in Brakey Road, on the Weldon North Industrial Estate, has been sold by private equity investor Endless, which has its headquarters in Leeds, to Speciality Powders Holdings Limited of Knaresborough, North Yorkshire, in an all cash transaction for an undisclosed sum.
Speciality Powders managing director and majority shareholder, Mike Kirby, said: “This acquisition is part of our strategic growth plan and Phoenix Foods has a reputation for producing quality and innovative products that very much complement our own offering.”
The company, which has operations in Kent and The Netherlands, is privately-owned and managed by its main shareholders.
The business is the holding company for three manufacturing companies that provide powder processing and production services to household name clients throughout Europe.
Phoenix Foods has enjoyed a strong period of growth over recent years under the leadership of David Manning and Andrew Ducker, who have co-invested on four deals with Endless.
Darren Forshaw, co-founder of Endless, said: “Phoenix Foods was one of the oldest investments in our portfolio and one of the last investments in our first fund.
“We have been delighted with the company’s performance under the stewardship of David Manning and Andrew Ducker, with the business growing consistently throughout the recession, demonstrating its strength and resilience. There is a powerful strategic fit with Speciality Powders and the combined business is well positioned for future success.”
The deal will enable Speciality Powders to grow the business into new markets and to provide additional services such as packing to existing customers.