Sentio Partners have advised Around Noon Foods, the fast-growing food-to-go (FTG) manufacturer, on its acquisition of a major London-based FTG business to create an enlarged group with 800 employees and revenues of over £80 million per annum.
The acquisition of The Soho Sandwich Company adds more than 300 employees to Around Noon’s headcount, as well as a new north London, state-of-the-art production facility, and a range of new blue-chip clients.
The Soho Sandwich Company will continue to operate under its own brand within the Around Noon Group and will continue to service its existing multi-sector portfolio of customers across food service, retail, events and hospitality.
The company will also continue to be managed by its existing MD Daniel Silverston, who announced the deal in London earlier today.
Gareth Chambers, CEO of Around Noon Foods, says that the acquisition will cement the group’s position as a leading national supplier of premium FTG products.
“We’ve been admirers of The Soho Sandwich Company for some time. The business has a strong reputation for quality, excellence and innovation. This represents a fantastic opportunity for all involved due to the incredible alignment in terms of our values and core purpose.”
Howard Farquhar, Around Noon Chairman added: “This deal will enable Around Noon to continue to scale and grow and moves the business closer to its £100m revenue target. This deal is the 3rd acquisition to have occurred since Gareth and I completed the MBO in 2016. It is also a significant opportunity for the team at The Soho Sandwich Company and their existing customers.”
The Soho Sandwich Company has been in business for more than 23 years. It was founded as a small coffee shop in North London. Today it manufactures and distributes more than 15 million sandwiches every year which are eaten throughout the UK.
Daniel Silverston, managing Director of Soho Sandwich Company, said: “Around Noon is in our view one of the most innovative and exciting FTG companies in the UK. The opportunity to become part of the Around Noon Group is a huge win for our business. There are great synergies in terms of ambition and culture and the move is extremely beneficial, for our team and our customers.”
Around Noon was founded in Newry, Northern Ireland over 30 years ago and is today one of the leading FTG manufacturers in the UK. It produces an extensive range of chilled, hot, frozen & bakery products from five manufacturing sites across UK and Ireland.
Around Noon completed the acquisition with support from Barclays Bank. Around Noon was advised on the deal by Andy Miller at Sentio Partners, 3Volution, KPMG (tax due diligence) and Parisi Tax. The Soho Sandwich company was advised by Sherrards and WMT.