Based near Redruth, Prima Bakeries has been baking Cornish Pasties, bread, cake, confectionery and savoury products for over thirty years.
They operate a wholesale delivery service throughout Cornwall with a Retail Range suitable for shops and convenience stores as well as a Food Service Range designed for cafes, restaurants and hotels.
St Columb-based Cornish Premier Pasties Ltd has been acquired by Redruth-based Prima Bakeries Ltd. Both companies are producers of Cornish pasties and other baked goods and the transaction creates one of the largest independently owned pasty producers in the UK.
The combined group will have over 150 full time staff and a 600 plus customer base spread throughout the UK. Both companies have grown significantly in the last few years and the acquisition opportunity has come about because of the retirement of Cornish Premier’s well-known owners, Frank Bradshaw and Fiona Rick.
The transaction was funded by ThinCats, leading alternative lender to mid-sized businesses in the UK.
Isca Ventures acted as the lead corporate finance advisers to Prima, with legal support provided by White Jackman and financial modelling and tax advice provided by Bishop Fleming. ThinCats were supported by PKF Francis Clark (FDD) and Freeths (legals). The vendors were supported by Stephens Scown (legals) and Sovereign Accountancy (advisers).
Alison Whistance, ThinCats’ Director of Business Development for the South West, stated: “It has been a pleasure to work closely with the Directors of Prima throughout this transaction and provide the funding support required. This is a great example of a typical ThinCats client - an ambitious business with an experienced management team. The combined business will be a major employer locally and there are great synergies across the two companies producing an impressive consolidation.”
There is remarkable synergy between Prima and Cornish Premier, both businesses share a similar culture and have a strong reputation in the market place. By bringing the two companies together to become one of Cornwall’s largest food and drink businesses, it will give both companies the structure and market presence to further develop the combined organisation.