Investec Realises Investment in Big Bear
Investec reports that it has successfully exited its investment in Big Bear Group plc, the owner of Sugar Puffs and other food brands.
- (1888PressRelease) February 19, 2011 - Investec Growth & Acquisition Finance realises investment in Big Bear
Investec Growth & Acquisition Finance has successfully exited its investment in Big Bear Group plc, the owner of Sugar Puffs and other food brands. This follows the sale of the company to Glisten Ltd, a UK subsidiary of listed Finnish group, Raisio plc, in an £82 million transaction. Investec has realised an Internal Rate of Return of over 37% on its 7-year investment.
Investec has supported Big Bear since its inception, backing its first acquisition in September 2003 of a non-core division from Northern Foods plc, with an integrated finance package comprising senior, mezzanine and equity components, and the subsequent acquisition of the Sugar Puffs, the Honey Monster and other brands from Pepsico Inc in 2005.
Investec backed a management team led by Paul Wilkinson, John Jackson (Joint Chairmen) and Mario Giannotta (CEO), to build the business via acquisition and organic growth. Since the first acquisition, management has increased Group EBITDA from £1 million to £12 million through a combination or acquisition and organic growth, aggregating a portfolio of iconic food brands that includes Sugar Puffs, Fox's Glacier, XXX Mints, Just Brazils and Harvest Cheweee.
James Stirling from Investec commented: "The management team behind Big Bear inspired confidence from the outset in terms of their track records and clearly articulated business plan, and as a result our decision to partner with them was made that much easier. Adopting a pragmatic and flexible funding approach is central to our strategy of backing high-calibre entrepreneurs."
Growth & Acquisition Finance is a division of Investec Specialist Private Bank. It provides entrepreneurs, management teams and private equity houses with asset based and senior lending, mezzanine finance and minority equity investment. The division offers flexible and bespoke finance for implementing acquisition and organic growth strategies to mid-market companies with a funding requirement of £4-30 million.
Investec Private Bank is part of the Investec Group which operates out of London, the Channel Islands, Switzerland, Ireland, South Africa and Australia, offering both onshore and offshore services. Investec Private Bank's focus is on six core activities: Growth & Acquisition Finance, Banking Services, Specialised Lending, Structured Property Finance, Wealth Management and Trust and Fiduciary services.
Investec Private Bank is a division of Investec Bank (UK) Limited, which is authorised and regulated by the Financial Services Authority and a member of the London Stock Exchange.
This press release is issued on behalf of Investec Bank (UK) Limited. Registered address: 2 Gresham Street, London, EC2V 7QP. (Reg No. 489604)
To find out more about Investec Private Bank's range of products and services, please log onto www.investecspb.co.uk
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