An award-winning producer of black puddings has been acquired by a Buxton artisan speciality food group.
Panicium has acquired The Bury Black Pudding Company (BBP) for an undisclosed sum.
The deal follows Panicium’s acquisitions of handmade cakes and biscuits producer Margaret Hall and specialist potted meats and spreads manufacturer Binghams Food in 2018 and 2021 respectively.
A multi-disciplinary team at HURST advised on the acquisition. Lauren Roberts and Danielle Tierney of HURST Corporate Finance and HURST tax partner Liz Gallagher advised BBP, and Ben Bradley and Isabelle Bennett of HURST Corporate Finance provided M&A and debt advisory expertise.
Ben said: “This is another fantastic deal for Panicium which enables the previous owners of The Bury Black Pudding Company to de-risk, and provides the business with lots of growth opportunities under new ownership.
“I look forward to seeing The Bury Black Pudding Company and Panicium go from strength to strength, with further acquisitions in the pipeline.”
BBP, founded by Managing Director Debbie Pierce, has expanded into a business with turnover of £11.5m, employing 122 staff operating from a 25,400 sq ft factory in Bury.
Graham Norfolk, one of Panicium’s founding directors, said it remains business as usual for BBP and its workforce, adding that the group would invest to further grow the newly-acquired company and build on its strong foundations by introducing new product ranges, increasing its market share and expanding and developing customer relationships.
Debbie and production director Richard Morris remain in their roles and join Panicium’s senior management team following the acquisition.
Debbie said: “Having steadily grown our sales and developed new business, Richard and I decided that it was time to start the next phase of business growth through becoming part of a group that is committed to the quality of its products and maintaining the family values of which we are so proud.
“BBP is poised for step-change growth and will benefit from investment and market extension available through the Panicium group.
“Our product range is complementary to the Panicium strategy and we share a number of routes to market. Ultimately, our products are consumed by people who love artisan, quality food. We look forward to working with the Panicium team to develop the group’s position as a leading supplier of quality foods.”
Graham Norfolk said: “The Bury Black Pudding Company makes artisan, high-quality, delicious products with a distinctive brand, and complements Panicium’s strategy of acquiring companies in the UK artisan food sector to develop a portfolio of brands characterised by their hand-made, high-quality nature with a distinctly regional identity.”