As of 28 April 2023, the management team – head of finance Penny Thorne, head of operations Diego Sprekelsen and head of HR Patrick Steel – officially took ownership of Vorenta Group in its entirety, including subsidiaries Hallmark Veterinary & Compliance Services and Meat and Livestock Commercial Services Ltd (MLCSL).
The CMA had previously identified competition concerns following its investigation into the merger between Vorenta and Eville & Jones, including a higher costs to food business and lower quality in the provision of specialised vet services across England, Wales and Scotland.
CMA approves buyout
However, it approved this MBO, noting the team’s plan for the business would ensure the business remains strong and provide viable competition in the market. Vorenta Group said the MBO provided financial stability and ensured continuity for staff and customers.
Commenting on the MBO, Patrick Steel said: “We are delighted to have completed this management buyout and are excited to lead Vorenta Group into the future.
“With the MBO behind us, the team are focused on the further development of the business, and look forward in the coming months to announcing exciting plans aimed at reinvigorating our efforts to deliver stakeholder value, particularly within our unique, MLCSL operation.”
Non-shareholding commercial director
The management team also announced the appointment of Leigh Grant as the non-shareholding commercial director responsible for taking over the organisation’s commercial duties.
Meanwhile, earlier this month, Glanbia confirmed the completion of the sale of its shareholdings in Glanbia Cheese to Leprino Foods Company in a deal worth at least €178.9m (£157.27m).
The deal saw the cheese business sold to US-based Leprino for a consideration of €114m (£100.22m) and repayment of €64.9m (£57m) of shareholder loans. A further €25m (£21.9m) is dependent on the performance of Glanbia cheese of the next three years.