The investment to drive innovation comes after the Leicester-based firm moved to a purpose-built manufacturing facility earlier this year.
S&S ceo Tinku Durrani said the company was responding to the increasing demand for popcorn and other health-related snacking products.
‘Expanding popcorn market’
“This investment enables S&S to support its customers in driving innovation in the rapidly expanding popcorn market,” he said.
“Popcorn is no longer restricted to the cinema market – we are seeing consumers really take to popcorn in their daily eating routine as it is both healthy and there are lots of new flavours coming to market.
“Our investment programme enables us to now drive real product innovation and we have some exciting flavourings and other developments in the pipeline which consumers will see in early 2016”.
The company has not disclosed the size of its funding package from Permira Credit Solutions II, a fund advised by Permira Debt Managers.
‘Massive step’ for firm
S&S md John Harrison described the transaction as a “massive step” for the firm which plans to expand beyond the UK into the Europe and other international markets.
“Having relocated to a 12,542m2 purpose-built state-of-the-art manufacturing facility earlier in the year, this investment now enables us to accelerate innovation in the health-snacking market, notably in popcorn,” he said.
“We will be expanding our R&D team, investing in new popcorn manufacturing equipment and providing our customers with world-class product.”
Permira Debt Managers investment director Thomas Kyriakoudis said the funding will allow S&S to invest in product innovation and deliver service to its multi-national brand partners.
“We think this will be the best invested popcorn business in the market and as such the opportunity is hugely exciting,” he said.
View from S&S
“This investment enables S&S to support its customers in driving innovation in the rapidly expanding popcorn market.”
- Tinku Durrani, ceo, Savoury and Sweet