Turnaround investor Endless has exited its investment in Northampton-based Phoenix Foods in a deal with Speciality Powders (SPHL).
SPHL, which processes dry powder food products and ingredients, has paid all cash fro Phoenix in what is an undisclosed ‘multimillion pound’ deal.
Back in April 2007, Endless teamed up with dry food products business Phoenix and the management team led by chairman David Manning to provide growth capital to improve the business.
New owner SPHL is based in North Yorkshire and has additional bases in Kent and The Netherlands. It is a holding company for three manufacturing companies that provide powder processing and production services.
Darren Forshaw, co-founder of Endless, says that Phoenix Foods was one of the oldest investments in the firm’s portfolio and one the last investments of its first fund.
He adds, ‘We have been delighted with the company’s performance under the stewardship of David Manning and Andrew Ducker, with the business growing consistently throughout the recession, demonstrating its strength and resilience.
According to SPHL, the transaction will allow the company to grow the business into new markets and provide additional services such as packing to existing customers.
Endless’ last deal came back in May when the private equity firm completed its second deal in a week by snapping up struggling UK bathroom retailer Bathstore.