Baupost Backs £163M Food Deal

 

[baupost]

Bakkavor Group (“the Group”), the UK’s leading fresh prepared foods manufacturer can confirm that it has been informed by Bakk AL Holdings Limited, a company owned by Agust & Lydur Gudmundsson and funds managed by The Baupost Group, L.L.C., that it has purchased the shares in the Group currently owned by BG12 slhf and certain other shareholders for £163m. Accordingly, Bakk AL Holdings Limited now owns approximately 89% of the outstanding shares in the Group.

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Bakkavor is pleased to welcome its new shareholders who are long-term investors with experience investing in a wide range of securities and asset classes globally, including within the food sector.

Agust and Lydur Gudmundsson, who own a controlling interest in Bakk AL Holdings Limited, will remain in their current roles and retain their positions as CEO and Chairman respectively on the Group Board. There will be no changes to day to day operations, the Management Board or other senior management positions.

Agust Gudmundsson, Chief Executive Bakkavor Group commented:

“I am delighted to welcome The Baupost Group to Bakkavor. They are globally recognised as highly successful long term investors and are supportive of the company’s continued expansion plans.”