The Yorkshire pudding manufacturer’s founder Paul Holmes and his wife, who were majority shareholders with a 95% stake, have both exited the business as part of the deal.
But the company’s remaining shareholder Charles Payne decided to invest in Go2 Foods alongside other investors and will continue in his role as md.
Former Glisten ceo Simmonds and Rob Davies, with whom he founded Glisten, decided to set up Go2 Foods as an investment vehicle.
Supplies major food retailers
Established in 1991, Real Yorkshire Pudding Company supplies many of the major food retailers and national wholesalers as well as other food manufacturers.
The business has recently introduced a gluten-free range, which features both Yorkshire puddings and toad in the hole. Every week the firm makes 1.6M Yorkshire puddings.
Glisten, which was acquired Raiso in 2010, makes confectionery, savoury snacks and fruit and cereal snacks. It employs 850 people across 10 manufacturing sites in the UK.
Eversheds law firm advised on deal
Eversheds law firm has acted for Simmonds on a number of previous transactions and advised his new venture Go2 Food on the deal.
He said: “As always, we are thankful to the Eversheds team for their continued dedication and expert guidance throughout this transaction.”
The Eversheds team was led by corporate partner Robin Skelton, who was assisted by senior associate Jonathan Pollard and associate Becky Ashurst.
Skelton said: “We are proud to have supported such a local business with their growth plans. We have worked with Paul for many years and look forward to advising him on future investments.”