Primary sells British Pepper & Spice
Primary has announced the sale of The British Pepper & Spice Company and Gourmet Garden Europe to SHS Group Limited. The price is undisclosed, but represents a return of 4 times the original cost of investment. SHS, founded in 1975, is a privately owned group of seven companies, based in Belfast and operating in the FMCG market with turnover of £250 million. The sale was completed in August 2004.
Primary backed the £7.6 million management buyout of BP&S in May 1998 from Burns Philp as a turnaround investment, with an asset-backed debt package provided post-deal by LloydsTSB Commercial Finance. In October 2001, Primary supported the start-up acquisition of the exclusive European licence for Gourmet Garden, a revolutionary chilled product.
Contact Jackie Adams for more information
Tel: +44(0) 20 7920 4800