Cake craft supplier Food Innovations Baking Group has been acquired by global investment firm Ardenton.
The firm has taken a majority stake in the business, which comprises Doric Cake Crafts, Doric Crimped, Doric FPD and Food Innovations.
Founded in 2004, Food Innovations has 250 employees across five sites and reports revenues of more than £34m. It supplies decorations, cake boards and packaging products for the home baking and retail market.
Peter and Robert Ward, who co-founded the Manchester-based business, are to leave the group, but will retain ownership of paper and board supplier Doric Anderton.
Ardenton said it would work closely with the management team, which comprises group finance director Bruce Murray, group operations director Simon Woodhouse, and sales and commercial director Robert Brace.
“Food Innovations is an impressive business that is really innovating within its sector,” said Ardenton UK director Michael Bradbury. “Over the last few years, the company has delivered strong organic growth, while successfully integrating complementary acquisitions, and we confidently back the management team to push the business through its next phase of growth.”
He added that further investment in new product development would be a key part of the strategy.
Robert Brace said Ardenton shared the group’s vision for the expansion.
“Their company ethos and personal approach made them the ideal choice,” he explained. ”We are confident their wealth of experience and ambition match our own. The partnership with Ardenton will enable the company to pursue new opportunities for innovation, acquisition and growth.”