A total of 104 employees have transferred to the Fylde Fresh and Fabulous Group as part of the transaction, which was led by a team from Interpath Advisory and Addleshaw Goddard.
Troy Foods (Salads) Ltd, while a related entity, is not part of the transaction and will continue to trade under its existing management and ownership.
Securing Troy Foods’ future
Commenting on the sale, Interpath director Neil Morley said: “We are pleased to have concluded this transaction which secures the future of the business by providing a new platform upon which it can move forward.”
Established in 1921 by John Kempley Senior as a potato merchant, Troy Foods employed 400 people across its four Yorkshire sites and supplied a selection of prepared vegetables for ready meals and retail packs in leading supermarkets.
In 2020, the company completed its fourth factory in Lofthouse, Wakefield dedicated to the preparation of freshly prepared ready-to-eat vegetables.
‘Leading potato supplier’
Fylde Fresh and Fabulous Ltd, established in 2005, is one of the UK’s ‘leading’ potato growing and processing businesses, supplying ready meal manufacturers, the food service sector and over 500 fish and chip shops with a range of peeled potato products. It also supplies heat and electricity to over 600 homes through its Biogas plant near Preston.
Fylde Fresh & Fabulous director Corin Bradley added: “We have known and respected Troy Foods for many years. It is a natural fit for our already established business.”
Meanwhile, sausage casings manufacturer Devro has agreed to a £540m takeover offer from Selm, Germany-based Saria.
The acquisition of Devro implied an enterprise value of £667m, equivalent to a multiple of 10.9 times enterprise value to earnings before interest, tax and amortisation for the 52 weeks ended 30 June 2022.