LDC invested to support Addo’s growth strategy, which includes further investment in product innovation, expansion into new markets through organic growth and potential acquisitions in adjacent markets.
Catalyst said the deal was a great example of a long held and heritage business doing the right deal, at the right time.
“The business was in a challenging position following Northern Foods disposal, but grew under Vision’s stewardship, including the acquisition of Kerry’s chilled division,” it said.
“With LDC’s backing, it is now poised for a new phase of growth that requires re-investment. This fits LDC’s model and management’s appetite at a point where private label businesses such as Addo are in favour with retailers.”