Wells Fargo Capital Finance provided a new three-year £40 million ($51.5 million) financing facility to BBF, a UK-based manufacturer of own-label, licensed and branded ambient cakes and desserts.
BBF serves all the UK’s most recognizable food retailers such as Tesco, Sainsburys, Asda, M&S, Aldi and Lidl. Last year, it acquired Greencore’s ambient cake and chilled desserts division, expanding its capapbilities. The company has been owned by private equity investor Endless since 2015 and is headed up by CEO Jonathan Lill.
The new funding will be used to support day-to-day working capital for the enlarged group, as well as provide headroom to enable further capital investment into manufacturing facilities and support future growth plans.
“The facility provided by Wells Fargo gives the business extra firepower to make further investment in all of our manufacturing sites and to deliver on our strategic growth plans,” said Lill. “Wells demonstrated great appetite throughout the process to support the business and we’re excited to have secured this new funding facility.”
Tom Weedall, director of Loan Originations, WFCF UK, added, “Leveraging Wells Fargo’s platform, we are delighted to work with BBF. This funding facility will support their future working capital and growth requirements. Also, our tailored solution will enable BBF to continue to provide the highest level of service and award-winning products to their customers.”
FRP Advisory in Manchester provided debt advisory advice to Endless and BBF.
