London-based Foresight Group said its investment will support Strathmore Food’s growth across retail, foodservice and contract manufacturing.
Founded in Forfar in 1973, Strathmore Food produces around 15 million branded and private-label ready meals a year.
Employing more than 115 people, the company supplies major UK retailers including Tesco, Asda and Sainsbury’s. It also owns McIntosh of Strathmore, one of Scotland’s leading chilled ready-meal brands, alongside Craft Mac Co. and Scottish Favourites.
Foresight’s investment comes amid a transitional period for Strathmore Food’s management, with former sales director Neil MacRae appointed managing director, replacing Julie Nisbet.
Nisbet took up the managing director role in 2005 and later succeeded her father, Colin Nisbet, who founded the business, as chief executive officer (CEO).
Julie Nisbet and operations director Douglas Nisbet will remain involved with Strathmore Food for an as-yet-undetermined period before stepping back.
Mark Steven, former managing director of Highland Spring, has also joined the board as chair.
Julie Nisbet, director of Strathmore Food, said: “Strathmore has been at the heart of our family for many years, and we are incredibly proud of the business we have built alongside our employees, customers and suppliers.
“As we enter this exciting new chapter, we are delighted to welcome Foresight as our investment partner while retaining a minority shareholding in the Company. Most importantly, this partnership creates opportunities to invest further in our people, our customers and our capabilities, ensuring Strathmore Foods remains a leading food solutions provider, renowned for quality, innovation and service, for many years to come.”
The private equity group said it invests in growing businesses, providing equity or debt financing to meet the needs of founders, management teams and specialist lenders.
Ryan Finesy, senior investment manager at Foresight Group, added: “Strathmore is a high-quality food manufacturing business with a leading position in the Scottish ready meal market, longstanding customer relationships and a strong track record of growth.
“We are delighted to support Neil and the wider management team as they build on the Company’s strong foundations and execute the next phase of growth.”
