UK – Cerealto Siro Foods, the UK division of the Spanish food company, has successfully acquired Hill Biscuits, a Manchester-based manufacturer known for its bourbon biscuits and custard creams.
This acquisition marks a significant shift in ownership from the private equity firm LDC, which had supported a management buyout of Hill Biscuits in 2017.
The financial specifics of the deal remain undisclosed, but it signals a new chapter for Hill Biscuits, which has seen remarkable growth in recent years.
According to LDC, the company’s revenues have doubled, surpassing £40 million (US$51M) in 2024, following a 44% increase in sales last year.
In its latest financial report for the year ending 2022, Hill Biscuits recorded sales of £26 million (US$33.2M) and an EBITDA of £536,178(US$685,878).
Frank Bird, the CEO of Hill Biscuits, expressed enthusiasm about the acquisition, stating, “This acquisition marks a pivotal moment in our journey to become the leading provider of everyday essential biscuits. This exciting opportunity allows us to harness and energise the experience and excellence of our two bakeries, enhancing our capabilities to meet customer needs.”
Bird’s sentiments reflect the company’s commitment to growth and innovation as it approaches its 170th anniversary next year.
Founded in 1855 by John and Sarah Hill as a small shop in Dukinfield, Manchester, Hill Biscuits has grown to employ around 350 people.
The company has made significant strides in enhancing its processes and product offerings over the past seven years, positioning itself as a trusted supplier in the biscuit market.
Bird noted, “Over the past seven years, we have made notable strides in enhancing our processes and products. Now, as we approach our 170th anniversary next year, we’re looking forward to partnering with Cerealto UK, and are poised to accelerate growth and innovation even further.”
Cerealto UK is a portfolio company of Davidson Kempner Capital Management and Afendis Capital Management, which adds a layer of financial strength and strategic direction to Hill Biscuits’ future.
The acquisition aligns with Cerealto’s strategy to expand its presence in the UK market and enhance its product offerings.
Rob Powell, a partner at LDC, commented on the transaction, stating, “Hill Biscuits is a renowned and trusted supplier of quality products and it’s a business that refuses to stand still, achieving impressive rates of growth over recent years. We are proud to have supported the business and we wish the team every success for the future.”
This statement underscores LDC has confidence in Hill Biscuits’ potential under new ownership.
As the biscuit market continues to evolve, the acquisition by Cerealto Siro Foods positions Hill Biscuits to leverage its rich heritage while embracing new growth opportunities.
The combination of Cerealto’s resources and Hill’s established reputation in the UK market may lead to enhanced product innovation and an expanded customer base.
The acquisition of Hill Biscuits by Cerealto Siro Foods represents a strategic move that promises to enhance the capabilities and market reach of both companies.
With a focus on innovation and growth, Hill Biscuits is set to navigate the future with renewed vigor and ambition.
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