Food sector investment firm Olidor Group has taken a majority stake in Cheltenham-based sweet bakery supplier Four Anjels Ltd for an undisclosed sum.
The manufacturer, which was founded in 2010, produces a variety of premium handmade cakes, traybakes, cookies, and biscuits, including several gluten-free and dairy-free options, from its 25,000 sq ft BRCGS AA-grade factory at Bishops Cleve Business Park which contains a 5,000 sq ft production on demand unit for gluten-free items.
The range is supplied to ‘prestigious clients’ in the retail, foodservice, and exclusive hamper markets across the UK, either in private label or under its Four Anjels Artisan Bakery brand as well as a couple of biscuit lines under its The Cotswold Bakery brand.
Olidor owns a portfolio of food businesses including The Original Baker and The Artful Baker, as well as Karimix, Brusco Food Group, Mayfair Foods, and Porter Foods. Biscotti specialist The Artful Baker ceased trading a year ago due to soaring input costs but subsequently had its assets acquired by Olidor, with production yet to be restarted.
Four Anjels is to continue operating as a standalone business, ensuring continuity for existing customers, with all staff and management retained and no immediate planned changes to the current team structure. It confirmed that its site is currently running at 40% capacity, which it plans to double over the next 24 to 36 months through the backing of its new owner.
“We are thrilled to have the support of the Olidor Group to facilitate the delivery of our growth plans,” commented Four Anjels managing director Andrea Stevens. “Their expertise within the food industry and synergies with other companies within the Group will be an enormous benefit for Four Anjels.”
“Olidor’s commitment to invest in the business will enable us to recruit more team members and add further capabilities to our product range,” Stevens added. “The focus is on continuing to do what we’re good at, while exploring new areas and markets to supply. We’ll stay true to our ethos: Creating products just like you would at home, but on a larger scale. That means using only recognisable, store-cupboard ingredients – no shortcuts, no compromises.”
Olidor CEO Andrew Ashby said: “We want to expand the offering in frozen thaw and serve traybakes, sweet snacking in the food-to-go category and create healthier functional impulse products such as protein bars. All NPD will continue to align with the company’s core values of clean label products made with high quality ingredients.”
Ashby claimed Olidor had long admired the ”exceptional products and continuous innovation” from the team at Four Anjels. “By joining forces, we can leverage our collective strengths to drive continued innovation, ultimately benefitting our customers and strengthening our position in the market.”
The baking industry has seen a veritable flurry of acquisitions since the start of the year. These include Mayfair’s purchase of Pat the Baker and Irish Pride, Dean’s of Huntly’s deal for Duncan’s of Deeside, The Compleat Food Group adding The Real Yorkshire Pudding Co to its portfolio, Cake Box agreeing to a takeover of Ambala Foods, Rinkelberg Capital obtaining ready-roll pastry brand Jus-Rol, and Tiffin Sandwiches buying up PJ’s Foods.
The proposed £1.2bn offer for Bakkavor from fellow food-to-go manufacturing giant Greencore will eclipse all of these in terms of scale, although its currently in an extended period of discussions to finalise the T&Cs.
No comments yet