Chaucer Foods

THE OPPORTUNITY

Chaucer Foods is a $145m global producer of freeze-dried foods and specialist bread products servicing major brands and businesses such as Kelloggs, Nestle and Unilever.  Its expertise provides it with a unique market position, enabling it to meet and manage the supply chain challenges for a group of global customers on an exclusive basis.  The company was formed in 1982 in the UK and now has manufacturing sites in the UK, France, USA and China, employing over 450 people across the Group.

At the time of investment, the Group was controlled by a banking syndicate, and management needed the support of Endless to drive investment into the business to deliver their strategic  transformation plan.

THE SOLUTION

Endless invested in early 2012 to support the Management team, led by Andrew Ducker, through a period of stakeholder change and to support the growth ambitions of the business as it looked to expand its product offering and global reach.

A vibrant and growing business, Chaucer committed significant capital investment in its production and technological capabilities, including the establishment of a Research and Development facility in Battle Creek, MI, USA and a US manufacturing facility in Portland, Oregon.  Our investment has allowed Chaucer Foods to pursue its strategy to become a truly global, market leading specialist food ingredient and consumer products producer.

THE IMPACT

Following a period of significant transformation, in which time the business grew its sales by 70% and improved EBITDA by 80%, the business was sold in December 2016 in a trade sale to Nagatanien Holdings Co. Limited in a deal worth $130m.  A listed Japanese corporate, Nagatanien is a manufacturer and distributor of premixed and instant food – this transaction brought together two well-established and successful businesses with a central focus on health and wellness products and natural ingredients.

The deal delivered a market leading 5.0x return for Endless.