Founded in 1984, Tillery Valley Foods employs more than 310 people at its five acre manufacturing site on the Cwmtillery Industrial Estate in Abertillery, South Wales. It has annual revenues of more than £30m.
Tillery Valley Foods produces and supplies nutritionally balanced meals to more than 120 hospitals and healthcare groups across the UK. It also provides catering services to organisations and high-profile events.
Tillery Valley has its own in-house team of dietitians and offers a nationwide next-day delivery service all year round from its own distribution fleet.
Transport for London contract
Last year the company, which has the capacity to produce 1.5 million portions per week, won a contract with Transport for London to supply 26 sites on the Underground network.
Grant Thornton UK LLP’s corporate finance team advised on the transaction, having been appointed by global services group Sodexo to find a buyer for Tillery Valley, which it has owned since 1996.
Joubere, which is backed by mid-market private equity firm Cable Capital Partners, is based in Dorset. It manufactures and sells chilled and ambient soups, sauces, stocks and gravies to the retail and foodservice sectors.
It said the acquisition of Tillery Valley Foods would support and enhance its growth strategy.
'Food production at its heart'
“Joubere is an organisation with food production at its heart and was the perfect choice to take Tillery Valley Foods forward," said Phil Smith, managing director, service operations, Sodexo UK & Ireland. "We are confident that with their focus and commitment on people and culture Tillery Valley Foods and its employees will thrive under their ownership.”
Stephen Bolton Chairman Joubere said: "We have been hugely impressed with the team at TVF and are very excited to build on the excellent base that Sodexo have created.
“We are very much looking forward to embarking on a journey of innovation, bringing together the expertise of both businesses to create some fantastic solutions for our customers across healthcare, retail and foodservice."
'Significant level of interest'
Trefor Griffith, partner and national head of food and beverage at Grant Thornton added: “Given the excellent reputation Tillery Valley Foods has in the market, its skilled and loyal workforce, visible revenue streams and high quality manufacturing facility, there was a significant level of interest in the business from the trade.
“We are confident Joubere will be an excellent owner and look forward to seeing the enlarged group go from strength to strength.”
Assisting Trefor Griffith on the transaction were corporate finance associate director Andrew Charter and Lewis Dyer from Grant Thornton’s Bristol office.
Browne Jacobson (Gareth Davies and Matthew Dorman) provided legal advice to Sodexo, while Tim Cooper and Emma Widdowson from Addleshaw Goddard provided legal advice to Joubere.