The deal would allow Hill Biscuits – makers of bourbons, custard creams and gingerbread men – to seek strategic acquisitions, and adopt new overseas sales strategies, it said.
Hill Biscuits md Steven Wetherby said: “Partnering with LDC will enable us to drive significant investment into the business for the benefit of our customers, adding greater production capacity and innovative new ranges, whilst staying focused on our core offering of quality, value for money products.
‘Passion for growth’
“LDC’s experience and track record in the sector made them an ideal fit for us. They also quickly understood our ambition for the business and shared our passion for growth. This unlocks a whole new future for a business with a fantastic history.”
The biscuit manufacturer, which has annual sales of £20M, is planning a multi-million pound investment scheme after the transaction is completed. The investment would boost production capacity and fund new product development, to “take advantage of rising demand from current and new customers”, said Hill Biscuits.
LDC investment director Simon Braham said: “Hill Biscuits is a classic example of a business with latent potential. The shareholders have built a great business over the years and the current management team has an ambitious vision for forward growth.
‘Developing its scale, strength and success’
“We’re excited to become part of the next chapter for Hill in developing its scale, strength and success both at home and overseas.”
Hill Biscuits was founded in 1855 in Greater Manchester. It was bought by Rowntrees in 1969, before being sold to the Bennett family in 1980. It now manufactures biscuits under the Hill brand, while also supplying retailers in the UK and continental Europe for own-label.
The manufacturer employs about 350 people. Its products include fruit shortcakes, ginger nuts, shorties, orange creams and malted milks.
Hill Biscuits management buyout – at a glance
- Buyout backed by LDC
- Hill seeking strategic acquisitions
- New overseas sales strategies