Devon-based food company Pasta King has been sold in a £13 million management buy-in led by Howard Farquhar and Mike Cole, who will become managing director and chairman respectively.

Devon-based food company Pasta King has been sold in a £13 million management buy-in led by Howard Farquhar and Mike Cole, who will become managing director and chairman respectively.

Pasta King serves hot meals from ‘pasta bars’ that are loaned to customers, which include secondary schools, universities and businesses. The deal is backed by NBGI Private Equity (NBGIPE).

Farquhar said: ‘Pasta King has a very strong position in secondary schools. We want to build on that with improved merchandising, marketing and product development not only for further growth in the education sector but also to significantly increase our presence in other markets.’

Cole and Farquhar also led the management buy-in of sandwich manufacturer Brambles Foods in 2003, which was backed by NBGIPE and generated an internal rate of return of 51 per cent for the firm.