Salford frozen food manufacturer Glendale Foods has undergone a shareholder buyout which will see the current management take full control of the business.
Managing Director Paul Burkitt and Mark Jones, Operations Director, bought the remaining shares in the company from founding shareholders John Mortimer, the current chairman, as well as Gill Mortimer and Pam Mortimer.
All three will now exit the business after more than 30 years.
John Mortimer said the move was testament to the way the company had been run since Burkitt and Jones arrived in 2007.
He added that the firm was “now in a great position with a state of the art production facility and an enviable customer base.”
The total cost of the buyout has not yet been revealed.
The firm was established in 1982 and operates out of Cobden Street in Salford.
Last year its turnover hit a record £20m and today Glendale employs over 200 staff.
Glendale specialises in processing meats, cooked components, vegetables and flour based products for sale into retailers, wholesalers, food manufacturers, airlines and restaurant groups both in the UK and abroad.
Paul Burkitt said: “This is an exciting period for Glendale and this transaction represents the next phase in our development.
“Glendale’s success is based on a platform of product innovation, customer relationships and service, working closely with our client base to produce new and exciting products.
“We look forward to building on the existing customer base to further drive growth and capabilities.”
FRP Advisory LLP advised on the transaction.
Management was advised by Ian Gillis and David Mkhitarian from Hill Dickinson. The exiting shareholders were advised by Keith Kennedy of Pearsons. Funding was provided by Lloyds Banking Group.
