The Food Investment Group (FIG) has bought two bakery businesses that specialise in savoury pastry products.
The two operations are quiche specialist Thomas Food Partnership in Sheffield, which employs over 100 staff and supplies Morrisons and Waitrose; and Milton Keynes-based family company Giles Foods, which employs 110 staff and supplies Asda, Morrisons and Somerfield. Giles Foods has facilities at sites in Milton Keynes, Telford and Warminster, producing a range of breads, flans, quiches and Danish pastries.
The businesses will come under the umbrella of a newly created Pastry Group, which
will have a combined annual turnover of about £25 million.
FIG was set up in 2004 by Bill Hazeldean, formerly of seafood company Macrae Food Group, and merger and acquisition expert Pat Pocock. Both have been looking at potential acquisitions since their completion of the sale of the Fraserburgh-based Macrae
Food Group to Young’s Blue-crest in 2004. These are its first major purchases.
Mr Hazeldean said: “Thomas Food and Giles Foods have a strong market position and, with this particular platform, we are confident we can build a successful business, concentrating on the quality end of the bakery market.”
FIG has appointed former Macrae chief executive Cameron Brown to head up the
Pastry Group. Mr Pocock said: “We have institutional backing to invest in a number of food businesses and we have great confidence in our first step with these two firms. Over the next few months, we expect to complete more transactions.”