Manufacturer of natural food ingredient solutions Plant-Ex Ingredients has secured a £9 million minority investment from BGF – to drive its international expansion, with a focus on the US market.
The funding will help to underpin significant international growth for the Bristol-based business, which specialises in the development, manufacture and distribution of natural food colours, extracts and flavours.
Founded in 2010, Plant-Ex supplies food manufacturers across the globe, directly through its own facilities and via its network of distribution partners. In the last month, Plant-Ex has expanded, with a new factory in Bristol that’s double the capacity of its previous site and is primed to enable further growth within the UK and internationally.
Special focus has also been placed on the US market, following the launch of a Plant-Ex Ingredients LLC in Chicago, earlier this year. In addition to its operations in the UK and US, Plant-Ex has sites in Poland and Turkey.
Alongside the investment from BGF, Plant-Ex’s leadership team has also been bolstered with the appointment to its board of highly experienced non-executive chair Susan Barratt, through BGF’s Talent Network. With an impressive career in the food and consumer goods industry, Susan brings a wealth of knowledge to the business, following roles with the Institute of Grocery Distribution (IGD) and the Department of Health & Social Care.
Giles Drewett, Founder & CEO of Plant-Ex, said: “Having founded this organisation 14 years ago, it’s been an eventful journey that started in Bristol and has now taken our products to over 50 countries, all over the world.
“It’s a huge privilege to be working in partnership with BGF, and to welcome Susan to our board. Plant-Ex has an exceptional portfolio of products, with some world-beating expertise in product development and manufacturing. Having the funds in place, combined with strategic support from BGF and Susan, means that the next major developments can be planned and executed to deliver against the high standards expected by our international customer base.”
The deal was led for BGF by James Skade, Edwin Davies and Louis Hall. Advisers for BGF were: James Taylor and Oli Jacquelin, Osbourne Clarke (Legal); Robert Brown, Claritas (Tax); Tim Owen, Oliver North and James Barton, Oghma Partners (Commercial).