Blueberry Group and Close Brothers
Close Growth Capital (CGC), the one stop shop hybrid equity and debt finance provider, has backed The Blueberry Group. Providing an exit for 3i who backed the original buyout in 2005. The Blueberry Group is the UK’s leading supplier and distributor of speciality ambient food to the premium independent retail market including: garden centres, farm shops, department stores and speciality food retailers. The Blueberry Group incorporates Fosters Traditional Foods, The Foodfinders and Chambers Candy Company and all continue to trade under their own names.
Close Growth Capital was started in 1999 to provide combined equity and debt funding to UK SMEs. They invest in mid-market businesses in all sectors, but have a proven track record in: business support services, leisure, transport and distribution, consumer products and specialist engineering.
James Blake, who joins the Board of Blueberry on behalf of Close Growth Capital, said “Blueberry Group has a tremendously experienced management team that have a track record with private equity backed investments, having on three separate occasions delivered superior returns.”
“The business has a strong and profitable platform to achieve organic and acquisitive growth in a highly fragmented market where there are many complementary product lines suitable for acquisition and integration.”
Stuart Robinson and Mike Thorne have run a number of businesses within the food sector backed by private equity investors. Both will assume a greater role within the business. Mike will become CEO and Stuart will work as an executive director focusing on potential acquisitions. Bernard Cook has been appointed Chairman. Bernard has had many senior roles in the food sector including with RHM (Manor Bakeries, Mr Kipling). He has chaired a number of successful private equity backed food businesses.
Mike Thorne, CEO of The Blueberry Group said: “Specifically the UK garden centre and farm Shop markets are a buoyant and growing sector as a result of changing lifestyles and a greater disposable income amongst empty nesters. Currently we only supply to a quarter of the market demonstrating good opportunity for growth.”
