We are delighted to have advised Crown Chicken Limited on their sale to Cranswick plc.
Crown Chicken is a leading integrated poultry producer based in East Anglia. The Company breeds, rears and processes fresh chicken for supply into a broad UK customer base. Crown also has a large mill operation which satisfies all of the business' own feed requirements as well as supplying feed to other livestock producers in East Anglia.
Tracing its routes back to the 1950's, Crown has grown to become a major supplier to the UK poultry industry. The Company currently produces 550,000 chickens each week, generating revenue of more than £80 million and adjusted EBITDA of £6.6 million.
The Shareholders approached us to sell the Company on their behalf, with Cranswick PLC identified as the best solution for all parties.
Cranswick PLC, a FTSE 250 listed business, are one of the UK's largest food producers, traditionally specialising in the production of pork.
We team ran a full sale process, generating a high level of interest in the well-respected poultry supplier.
After speaking to a number of parties, Cranswick PLC was introduced and selected as the preferred acquirer for the business, providing the Shareholders with the desired outcome.
The transaction overcame a number of complex issues, and despite a number of false starts, ultimately an efficient process was executed in early 2016. The deal allows the majority shareholder to retire from the business.
We supported the shareholders to manage and drive the deal through a challenging due diligence process to a successful completion.
Darren Bear, Corporate Finance Advisory Partner, who led the transaction, commented: "This deal demonstrates our continued ability to deliver successful transactions for owner managed businesses selling to large corporates. Cranswick represent an excellent fit for Crown and this transaction is the culmination of a long working relationship between the Shareholders and us. We are pleased that this relationship has resulted in a successful outcome for all parties."
"Darren and his team did an excellent job, leading us through what turned out to be a complex process. They really went the extra mile for us and their transactional experience and expertise was key in delivering a great result for the Shareholders. I would certainly recommend them as advisors."David Thacker Managing Director, Crown Chicken Limited