LDC has finalised the sale of Hill Biscuits to Cerealto UK, a notable player in the European food industry. Originally supported by LDC since 2017, Hill Biscuits has seen remarkable growth. Meanwhile, the specifics of the financial transaction remain confidential.
However, Hill Biscuits’ journey from a small family shop in 1855 to a major industry player today is noteworthy. The company has steadily expanded its operations, doubling its revenues to over £40 million in 2024.
The Buyer and Seller
LDC, the private equity arm of Lloyds Bank, recently sold Hill Biscuits. The buyer is Cerealto UK. Cerealto is part of Davidson Kempner Capital Management and Afendis Capital Management.
The financial details of the sale were not disclosed. LDC invested in Hill Biscuits in 2017. Since then, the business has grown significantly.
Hill Biscuits’ Growth
Hill Biscuits has seen an impressive increase in revenues. In 2024, the company’s revenues doubled to over £40 million. This growth includes a 44% sales increase in the last year alone.
The company’s last financial report for 2022 showed £26 million in sales and an EBITDA of £536,178. These figures highlight the rapid growth in a short period.
Currently, Hill Biscuits employs 350 people. The company was founded in 1855 by Sarah and John Hill. It started as a small family shop and expanded over the years.
A Rich History
In 1893, Hill Biscuits moved into Tudno Mill in Ashton-under-Lyne, Manchester. This location continues to be the bakery’s home. Hill Biscuits is one of the largest and oldest biscuit manufacturers in the UK.
The company produces hundreds of millions of biscuits each year. Their products are distributed across retail, wholesale, and foodservice markets.
Leadership and Future Plans
Frank Bird, CEO of Hill Biscuits, spoke about the acquisition. He said, “This acquisition marks a pivotal moment in our journey to become the leading provider of everyday essential biscuits. This exciting opportunity allows us to harness and energise the experience and excellence of our two bakeries, enhancing our capabilities to meet customer needs.”
Bird also thanked LDC for their support since 2017. He highlighted the growth in leadership and business strategies due to this partnership. Bird is optimistic about future growth and innovation.
Hill Biscuits is approaching its 170th anniversary next year. The company looks forward to working with Cerealto UK to further accelerate their growth and innovation.
Statements and Advisors
Rob Powell, Partner at LDC, expressed his satisfaction with Hill Biscuits’ growth. He said, “Hill Biscuits is a renowned and trusted supplier of quality products and it’s a business that refuses to stand still, achieving impressive rates of growth over recent years. We are proud to have supported the business and we wish the team every success for the future.”
The sale involved several advisors. LDC and Hill Biscuits were advised by Richard O’Donnell, Joshua Gorman and James Croxen of Clearwater, and Paul Medlicott, George Danczak and Dan Conway of Addleshaw Goddard.
Business Strategy and Market Presence
Hill Biscuits has a strong business strategy focused on growth and innovation. Investments in new technology have improved manufacturing efficiency and increased production capacity.
The company supplies a wide range of customers. Their market presence spans retail, wholesale, and foodservice markets, making them a key player in the biscuit industry.
Hill Biscuits’ journey from a small family shop to a major industry player is notable. Their commitment to quality and innovation continues to drive their success.
The acquisition of Hill Biscuits by Cerealto UK signals a significant shift in the biscuit industry landscape. This strategic move promises to further drive Hill Biscuits’ growth and innovation, fostering a new era of excellence. With a rich history and a robust foundation, Hill Biscuits is poised for continued success under its new ownership.
