Houlihan Lokey Advises Winterbotham Darby

Houlihan Lokey is pleased to announce that Winterbotham Darby, a portfolio company of Equistone Partners (Equistone), has agreed to be acquired by PAI Partners.

Winterbotham Darby is one of the UK’s most innovative and dynamic chilled food suppliers. The company has a leading position in continental foods, including olives, antipasti, and charcuterie, and in recent years, has become a major supplier of vegan meat alternatives and other plant-based products. Winterbotham Darby owns brands such as Squeaky Bean^®, unearthed^®, and Vadasz^® and is a strategic own-label partner for many of the UK’s major supermarkets with a long-established record of creating, growing, and leading categories. A highly flexible business model has enabled a reputation for innovation and speed to market. The Winterbotham Darby supply chain is underpinned by a sustainable business approach that includes a commitment to high environmental, ethical, and technical standards.

Equistone is one of Europe’s leading investors in middle-market buyouts with a strong, consistent track record spanning over 40 years, with more than 400 transactions completed in this period. The firm has a strong focus on change-of-ownership deals and aims to invest between €25 million and €200 million (or more) of equity in businesses with enterprise values of between €50 million and €500 million. Equistone has a team of more than 40 investment professionals operating across France, Germany, the Netherlands, Switzerland, and the UK, investing as a strategic partner alongside management teams. The firm is currently investing its sixth buyout fund, which held a final closing at its €2.8 billion hard-cap in March 2018.

PAI Partners is announcing the simultaneous acquisition of Addo Food Group and Winterbotham Darby, subject to the clearance of the European Competition Committee. Both groups are successful added-value chilled food companies, brought together to create a platform to accelerate growth opportunities across the new business.

This deal represents another successful transaction for Houlihan Lokey in the food industry after recently supporting Ferrero in the acquisition of Fox’s Biscuits and BrightPet Nutrition in its sale to Alvarez & Marsal Capital. With over 30 transactions announced since January 2020, Houlihan Lokey reinforces its global leadership in the consumer space.

Houlihan Lokey acted as the exclusive financial advisor to the sellers and assisted in negotiating the transaction on their behalf.