Murrell Associates have advised on the sale of shares in a Cornish manufacturer to a Norwegian food business – helping the business move from strength to strength.
County Confectionery Ltd makes chocolate and fudge under the Fair & Square and Copperpot brands, as well as for retailers, brands and other manufacturers.
A family-owned company established in 1983 with 95 employees, its head office and production facilities are located in St. Ives in Cornwall. It had a turnover of £8.6m for the financial year that ended in May 2018.
Shares in the company were acquired by Orkla Food Ingredients subsidiary NIC Enterprises Ltd. Orkla is headquartered in Oslo and employs about 18,000 workers.
County Confectionery was assisted in the disposal by PKF Francis Clark and Murrell Associates.
Henry Maples of Murrell Associates said: “It was a real pleasure working with David and his team on this transaction which I am sure will see the company go from strength to strength.”
The County Confectionery deal is the fifth acquisition – either outright or of a controlling stake – Orkla has made in 2018,
Tor Osmundsen, chief executive of NIC Enterprises, said: “County has a long history of manufacturing high-quality fudge and chocolate products.
“Orkla Food Ingredients and County are a good strategic fit, and the acquisition complements Orkla Food Ingredients’ position as a supplier of ingredients and accessories to the UK bakery, chocolate and ice cream market.”
Mark Brian, whose father founded County Confectionery said: “We have known and admired Orkla for a number of years.
“This transaction gives the company the platform to continue our expansion programme and also to benefit from the resources and expertise Orkla has in the UK and beyond in delivering on a combined strategy.”