Grant Thornton advises Sodexo Sodexo has sold Tillery Valley Foods to Joubere Food Group

July 2021
Tillery Valley Foods
Adviser to Sodexo on their sale of Tillery Valley Foods to Joubere Food Group
Grant Thornton team
Food and beverage
Sell side
Corporate finance
Flag of the United Kingdom

We are delighted to have advised Sodexo on their sale of Tillery Valley Foods to Joubere Food Group.

Based in South Wales, Tillery Valley Foods (TVF) is a market-leading healthcare catering company and a key supplier of prepared meals to the NHS.   

It produces high quality, nutritionally balanced meals to over 120 hospitals and healthcare groups across the UK as well as providing catering services to organisations and a number of prestigious and high-profile events.   

Sodexo initially approached us to consider its options for realising value from the business, which it considered non-core to Sodexo’s forward strategy. It was felt best value would ultimately be achieved from a sale of the business to a food manufacturing business that could potentially leverage synergies and efficiencies and pay a strategic premium. 

We were appointed to lead the sale after demonstrating a strong understanding of the market dynamics, buyer universe and strong process execution skills. 

Our corporate finance food & beverage team utilised its knowledge of the sector to identify and approach a targeted selection of trade and private equity acquirers. We achieved a number of offers for the business enabling competitive tension to be maintained throughout the process. 

We lead the negotiations including advising on net debt and normalised working capital which unlocked significant value for the shareholder.  


Having owned Tillery Valley Food since 1996, it was hugely important to us that we found a suitable buyer which would continue the Tillery Valley Foods ethos. Grant Thornton’s deep sector knowledge contributed to the delivery of an excellent result for Sodexo. Their advice throughout the process was invaluable and we would not have achieved the outcome we have without their support. We would not hesitate in recommending the team.

Phil Smith Managing Director, Sodexo UK&I

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