Existing managing director Chris Ormrod led the buyout of Maynard, which generated turnover of £12 million last year. Operations director Bill Phillips and finance director Jim McLaughlin, who was introduced to Maynard by Matrix earlier this year, were the other key figures involved.
Founded in 1862 and based in Somerset, Maynard manufacturers a range of cakes, desserts and pastries, selling its produce to a variety of food service distributors and pub groups, including Brake Brothers and the Hard Rock Café Group.
‘Maynard is a leader in a niche market and we have been very impressed by what the management team has achieved,’ comments Matrix’s Bob Henry.
GE Commercial Finance provided additional debt funding to the transaction.