Booker division in buyout
Wednesday 21 May 1997
The buy-out team is backed by 3i, which is providing pounds 29m of equity, and Robert Fleming, the merchant bank, which is providing debt and working capital. The consideration includes pounds 48.1m in cash, pounds 6.9m in debt and pounds 2m in tax liabilities.
The five businesses in the package are WA Turner of Tunbridge Wells, which makes own-label pies and sausages for supermarkets; Buckingham Foods, which makes own-label sandwiches in Milton Keynes and Tamworth for retailers; Headland Foods, which makes own-label ready meals for retailers; TMI foods of Northampton, which supplies cooked bacon to food manufacturers; and Salaisons le Vexin in France. They had a combined turnover of pounds 141.7m in 1996, and made an operating profit of pounds 6.3m.
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