The deal will see current md Paul Burkitt and operations director Mark Jones take full control of the company from its founder and chairman John Mortimer and family members Gill and Pam Mortimer.
Burkitt and Jones were praised by the exiting chairman for their running of the company since 2007, especially overcoming the operational difficulties arising from a “major fire” in 2012.
“The company is now in a great position with a state-of-the-art production facility and an enviable customer base,” he claimed.
‘Thrive under the stewardship’
“I am confident that the company will thrive under the stewardship of Mark and Paul and wish them every success.”
Burkitt and Jones initially joined the business after its merger with Supreme Foods.
Glendale key facts
- 1982: Founded by the Mortimer family
- 2007: Merged with Supreme Foods
- Key brands: Yankee Snacks, The Great British Pudding Company and Unique Cuisine
The Mortimer family left the £20M processed meats, cooked components, vegetables and flour-based products business they founded in 1982.
Glendale currently employs 200 people at its Cobden Street site and has recently won new contracts and invested in production facilities and equipment.
Burkitt said it was “an exciting period” for Glendale and the buyout represented the next phase in its development.
“Glendale’s success is based on a platform of product innovation, customer relationships and service, working closely with our client base to produce new and exciting products,” he said.
“We look forward to building on the existing customer base to further drive growth and capabilities.”
Martyn Rickels of FRP Advisory, the firm which advised on the transaction, said Glendale had performed strongly over recent years and was poised to capitalise on the recent operational investments.
“The transaction further demonstrates FRP Advisory’s commitment to supporting owner managed businesses through strategic changes,” he added.
Management was advised by Ian Gillis and David Mkhitarian from Hill Dickinson. The exiting shareholders were advised by Keith Kennedy of Pearsons. Funding was provided by Lloyds Banking Group.