Kreston Reeves advises shareholders of food manufacturer on sale with DMH Stallard

Published by Darren Hurdle on 23 October 2023

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We have advised the shareholders of Naked Foods Limited (Naked Foods) on its acquisition by Meadow Foods Limited (Meadow) with law firm DMH Stallard.

Established in 2003 in Kent, Naked Foods is an independent business specialising in the manufacture of fruit and confectionery preparations, sauces, fillings and compotes supplying other food producing products such as bakery, chilled bakery, dairy (yogurts, ice cream, drinkable dairy) plant based and suitable for vegans.

Our team, led by Darren Hurdle, Corporate Finance Director at Kreston Reeves provided M&A advisory services to Naked Foods, with assistance from our tax and accounting teams. Darren said:

“We are delighted to have assisted the shareholders with the sale of Naked Foods to Meadow, whilst working closely with DMH Stallard. It has been a pleasure working with Brian, Jim, Crispin, Mandy and the rest of the team and we wish those continuing all the very best for the future, developing the business under Meadow’s ownership.”

Led by Danos Athanasi, the DMH Stallard team (including Mark Diamond, Chris Gleeson and Beth Obara) provided legal advice on the deal which will allow Naked Foods and Meadow to benefit from many synergies between the businesses around product knowledge and manufacturing expertise, along with enhancing customer offerings and leveraging manufacturing, sales and other economies.

Danos Athanasi said:

“We’re delighted to have achieved this successful result for the shareholders of Naked Foods in what was an intense process. Working closely with Darren at Kreston Reeves, the specialist teams at DMH were able to cover a great deal of ground in a tight timescale to ensure completion took place in accordance with the expectations of all parties. I wish the selling shareholders all the best with either their retirements or their focus on driving the merged business on to even greater things.”

Brian Burman, exiting shareholder of Naked Foods, said:

“The commitment demonstrated by Danos, Mark, Chris and Darren was second to none and I am very grateful for the support and guidance they provided throughout the transaction. To all our staff and to the shareholders, I thank you for all your past support and wish you well for the future. I will now relax and enjoy my retirement!”

James Cook, exiting shareholder of Naked Foods, said:

“We have worked with Kreston Reeves for the past four years and were pleased to involve them in the sale to Meadow Foods. Together with DMH they provided excellent service in the process and are both to be commended for their integrity and professionalism throughout.”

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