M&A Deal Summary

Exponent Private Equity and Intermediate Capital Group Acquire Quorn Foods

On March 15, 2011, private equity firm Exponent Private Equity and mezzanine finance firm Intermediate Capital Group acquired food company Quorn Foods from Premier Foods for 205M GBP

Acquisition Highlights
  • This is Exponent Private Equity’s 1st and Intermediate Capital Group’s 8th transaction in the Food sector.
  • This is Exponent Private Equity’s 6th and Intermediate Capital Group’s 50th largest (disclosed) transaction.
  • This is Exponent Private Equity’s 1st and Intermediate Capital Group’s 13th transaction in the United States.
  • This is Exponent Private Equity’s 1st and Intermediate Capital Group’s 1st transaction in Connecticut.
Investment Fate
  • Quorn Foods was sold to a strategic buyer in 2015 for 550M GBP.

M&A Deal Summary
Date 2011-03-15
Target Quorn Foods
Sector Food
Buyer(s) Exponent Private Equity
Intermediate Capital Group
Sellers(s) Premier Foods
Deal Type Divestiture
Deal Value 205M GBP

Target

Quorn Foods

Westport, Connecticut, United States
Quorn Foods trades under the brands Quorn and Cauldron. Quorn is a UK market leader in meat-alternative foods and is one of the largest meat-alternative brands in the world.

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Buyer(S) 2

Buyer

Exponent Private Equity

London, United Kingdom

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2004
PE ASSETS 2.9B GBP
Size Large
Type Sector Agnostic
DESCRIPTION

Exponent is a private equity firm focused on acquiring middle-market businesses located in the UK and broader Europe. Exponent targets opportunities in the media, business and financial services, healthcare, consumer, and leisure sectors. The Firm seeks to invest in businesses valued from £150 to £500 million. Exponent has a particular interest in businesses that are prominent in their respective markets, but may benefit from or need operational improvement. Exponent Private Equity was formed in 2004 and is based in London.

DEAL STATS #
Overall 12 of 38
Sector (Food) 1 of 4
Type (Divestiture) 2 of 12
State (Connecticut) 1 of 1
Country (United States) 1 of 2
Year (2011) 1 of 3
Size (of disclosed) 6 of 17
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-12-01 Cardsave Group

N.E. Lincolnshire, United Kingdom

Cardsave Group Ltd. is a provider of an online payment processing solutions, merchant services, with the latest credit card machines & terminals and preferential card payment processing rates that save independent retailers money on taking cards.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-05-20 Incora

Derby, United Kingdom

Incora is an independent distributor and global provider of supply chain solutions. The Company was forged by the joining of two industry leaders in supply chain solutions, Wesco Aircraft and Pattonair. Services include original equipment and aftermarket part demand forecasting, distribution, kitting, line feed, supplier management, warehouse management, inbound and reverse logistics, and consulting.

Buy £146M
Buyer

Intermediate Capital Group

London, United Kingdom

Investor Investor Investor Investor Investor

Category Mezzanine Finance Firm
Founded 1989
PE ASSETS 74.5B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Intermediate Capital Group (ICG) is a global mezzanine finance firm. IGC looks to provide junior capital to support a wide range of transactions, including buyouts, debt restructurings, and development financing. The Firm generally invests alongside financial sponsors and management teams in transactions valued from €250 million to €1 billion. ICG was formed in 1989 and is headquartered in London.

DEAL STATS #
Overall 229 of 292
Sector (Food) 8 of 14
Type (Divestiture) 23 of 27
State (Connecticut) 1 of 1
Country (United States) 13 of 19
Year (2011) 4 of 8
Size (of disclosed) 50 of 82
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-03-01 Loyalty Partner

Munich, Germany

Loyalty Partner GmbH is a provider of customer relationship management solutions.

Sell $685M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-03-28 WSH

Reading, United Kingdom

Westbury Street Holdings is an independent food and hospitality services provider. The company operates a chef-led model promoting high quality fresh food and locally sourced ingredients. WSH serves customers in the Business & Industry, Education, and Concession & Hospitality catering segments through its portfolio of brands, which include BaxterStorey, Benugo, Caterlink, Holroyd Howe, Portico, and Searcys. Westbury Street Holdings is based in Reading, United Kingdom.

Buy -

Seller(S) 1

SELLER

Premier Foods

St Albans, United Kingdom
Category Company
Founded 1975
Sector Food
Employees4,000
Revenue 1.1B GBP (2024)
DESCRIPTION

Premier Foods is a manufacturer and distributer of branded and own label food products in the United Kingdom, other European countries, and internationally. It operates through grocery, sweet treats, and international segments. Premier Foods was founded in 1975 and is based in St Albans, the United Kingdom.

DEAL STATS #
Overall 3 of 9
Sector (Food) 2 of 8
Type (Divestiture) 2 of 7
State (Connecticut) 1 of 1
Country (United States) 1 of 1
Year (2011) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-10-01 Frozen Pastry Assets/Premier Foods

United Kingdom

Frozen pastry market for the Upper Crust, Tiffany and McDougalls brands from Premier Foods plc.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-07-25 Premier Foods’ East Anglian

United Kingdom

Premier Foods’ East Anglian canning operations provides food product services.

Sell -
Mergr

Product

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