Biscuits and baked goods supplier Arden Fine Foods has been acquired by its management team.

The business, which turns over more than £20m a year, develops sweet and savoury biscuits and other seasonal products for retailers including major supermarket chains. It supplies own-label and branded goods under its own Arden brand.

Based in Coventry, it has been acquired for an undisclosed sum by its management team, led by managing director Helen Young and finance director Andy Mewis.

“My team and I are very pleased to have completed this transaction and look forward to the next phase of development for Arden. Significant opportunity now exists to build on the business’ history and reputation within the industry,” said Young.

Arden’s product line-up includes puff pastry twists, choux pastry ‘melts’, oat thins and breadsticks.

The MBO deal was completed with funding from Barclays Corporate Team, with the current shareholders retaining a ‘significant’ financial interest in the business. The deal sees the exit of Arden executive chairman Gary Barr.

“Arden has an experienced management team with a proven track record of client and supplier relationship management within the sector and of delivering strong financial performance,” said Barclays relationship director Neil Barnes.

Arden was advised on the transaction by Springboard Corporate Finance, which described the supplier as “a great UK success story”.

“It is a business that, over 20 years, has shown strong growth and developed an enviable market position,” said Springboard partner Simon Ward.

“The team is exceptionally innovative and we are pleased to have been able to help them on the next stage of their development. It is also encouraging to see banks remain supportive of quality businesses and management teams despite uncertain times.”