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A food manufacturer and distributor has been bought by a management team that included the son of one of the vendors.

Justin Griffiths was part of a trio of directors who have acquired Peter’s Food Service from his father John.

Justin, who becomes food service director, is part of a team that has 40 year’s combined experience of the savoury pastry sector. This team included new managing director Mike Grimwood, a former chief executive of Northern Foods, with David Peek continuing as finance director.

The deal was agreed for £20 million and was backed by NBGI Private Equity with debt provided by Peter’s Food’s existing banker Royal Bank of Scotland.

NBGI, which takes a majority stake in the business, backed the deal from its new £100 million fund. The firm’s investment was managed by director Richard Morley who has joined Peter’s Food’s board. The buy-out team also holds an equity share of the business.

John Griffiths bought the company from Grand Met ten years ago and retires following the disposal of his shares. Also leaving the business post-completion are his daughter Judith and non-executive director Godfrey Ainsworth.

Peter’s Food’s supplies chilled and frozen foods from ten sites, including London, Birmingham and Cardiff. It is also manufactures more than 100 million pastry products each year at its site in Bedwas, South Wales.

Its products are sold across England and Wales in outlets, such as supermarkets, football grounds and fish and chip shops. The company was established in 1970 and today generates a £53 million turnover and employs 640 staff.

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