Pai Partners announces three acquisitions in the food sector

PAI Partners has acquired the UK refrigerated food manufacturers Addo Food Group and Winterbotham Darby from LDC and Equistone. After completing the acquisition, the Paris-based private equity firm intends to merge the companies to create a leading UK platform in the refrigerated products sector.

The two companies have both seen strong growth in recent years and will remain operationally independent after the merger, while the current management teams headed by Addo CEO Deborah Bolton and Winterbotham CEO Steven Higginson will retain their positions.

The two deals were signed on the same day that PAI Partners announced its acquisition of a majority stake in the Spanish group Angulas Aguinaga, a fish packaging and distribution company with a leading position in the Spanish and Italian markets.

The sellers were Portobello Capital and the founding family, who will retain a 49% interest in the company. Established in the 1990s, Angulas Aguinaga owns the brands Krissia, La Gula del Norte and Aguinamar and has doubled its turnover in the last five years to reach €220 million in 2019 (up 18% on the previous year).

The company recently announced the launch of the new 2020-2025 Strategic Plan which aims to complete the transition into a food multinational and double turnover over the next six years.