Houlihan Lokey Advises Müller

Houlihan Lokey is pleased to announce that Milk & More, a subsidiary of Müller, has been acquired by Freshways. The transaction was completed on 1 January 2024. The financial terms of the deal are undisclosed.

Milk & More, headquartered in Surrey, UK, is the leading milk round and doorstep delivery service in the UK, combining the best traditions of the community milkman with the simplicity and convenience of online shopping. The company serves hundreds of thousands of customers across the country every week with fresh milk, juice, bread, eggs, yogurt, fruit, vegetables, and other grocery staples.

Freshways, headquartered in Acton, UK, is one of the largest independent and family-run dairy suppliers in the UK. In addition to the supply of milk and cream, Freshways also sources and supplies a wide range of own-label and branded food, including bread, yogurt, fruit juices, cheeses, and eggs. The company operates within wholesale and retail distribution, dairy product processing, bulk supply, own brand labelling, product development, and brand packaging.

Following a strategic review, Müller, whose primary business in the UK is focused on the supply of fresh milk, yogurt, and other dairy products to retail, wholesale, and other businesses, has decided to divest its interest in Milk & More, a direct-to-consumer business.

Patrick Müller, CEO of Milk & More, said that the sale was the right outcome for the business to support future growth: “The synergies that exist between Milk & More and Freshways, and the opportunity afforded through vertical integration with a direct supply of doorstep milk, offers Milk & More a great opportunity to further develop its proposition for customers.

Bali Nijjar, Managing Director of Freshways said: “Freshways is delighted to be entering a marketplace they have not been a part of for many decades. We have seen customer habits changing in relation to convenience through the growth of home delivery operations like Amazon, Deliveroo, etc. We are confident that we can carry forward the Milk & More business in the same manner that we have elevated Freshways over the past 30 years.”

Houlihan Lokey served as Müller’s exclusive financial advisor. This deal further demonstrates the firm's deep expertise in the food and direct-to-consumer sectors following selected successful transactions involving The Quality Group, Ankerkraut, Healthspan, Zesty Paws, Dikey Vitamin Group, Freddie’s Flowers, and foodspring.