Own-label cake and dessert supplier Park Cakes has been acquired in a management buy-out from private-equity firm Vision Capital.
In a statement confirming the deal, Park Cakes said the sale “would not affect its manufacturing sites or current workforce” but “allows chairman Gareth Voyle and the team behind Park Cakes growth to continue to build on the success of recent years”.
Vision Capital had owned the company, which manufactures products for retailers including Tesco, Sainsbury’s, Aldi and Lidl, since 2007.
Park Cakes said its turnover stood at £160m, which it compared to the £110m it was generating in 2013. The company has two plants in Lancashire and employs 1,500 staff.
Voyle added: “I would like to pay tribute to our highly skilled and loyal workforce, who remain at the heart of our commitment to grow our company in the years to come.”
The financial details of the management buy-out were not disclosed, and a spokesperson for Park Cakes told British Baker the company would not be commenting further “as these are very early days” for the business under its new owners.