Symington approaches investment banks over refinancing

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The Independent Online

The private equity owner of Symington's, the Leeds-based maker of Campbell's soup, has held a beauty parade of investment banks for a fundraising.

Bridgepoint Development Capital has this month spoken to advisers at three investment banks about a refinancing to help expand 185-year-old Symington's, which has revenue of £150m and sells the products of the celebrity chefs Ainsley Harriott and James Martin.

The dried-food manufacturer has been managed by the smaller buy-out arm of Bridgepoint since 2009, when it acquired the portfolio of assets from Hermes Private Equity. Bridgepoint declined to comment.