The UK arm of Spanish food manufacturer Cerealto has announced the acquisition of Hill Biscuits from LDC, a private equity firm.
Founded in 1855, Hill Biscuits is defined as one of the largest and longest established biscuit manufacturers in the UK.
LDC partnered with Hill Biscuits in 2017 to support growth by investing in technology, efficiency, and capacity. During the seven-year partnership, Hill Biscuits doubled its revenue to £40 million ($51 million), with a 44% increase in sales last year.
Commenting on the acquisition, Hill Biscuits CEO Frank Bird 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”.
“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”, he added.
Financial terms of the transaction were not disclosed.
Source: LDC