Another Sweet Deal for Livingstone
April 2005
Recently floated AIM group Zetar Plc acquired Kinnerton Group, a leading UK manufacturer of novelty and niche chocolate confectionary, for a consideration of approximately £32 million.Kinnerton, which was established in 1978, manufactures a wide range of ‘novelty’ chocolate products including Easter eggs, advent calendars and chocolate miniature figures and ‘niche’ chocolate products including walnut whips and chocolate lollipops. Many of its products are marketed under well known licenses including Disney characters, the Teletubbies, Barbie, Bob the Builder, the Simpsons and Shrek 2.
Kinnerton also manufactures and sells own-label brands of chocolate and specialty biscuits which it supplies to major UK retailers including Asda, Marks & Spencer, Sainsburys, Tesco, Waitrose and Woolworths. In the year ended April 2004, the Group generated sales of circa £42.1 million and operating profits of circa £3.5 million.
Clive Beecham, Kinnerton’s Group Managing Director explains: “The Livingstone team played a key part in seeing this deal through, in terms of expertise, moral support and suasion. I have much to be grateful to them for.”
Zetar Plc’s Chief Executive Ian Blackburn commented: “Livingstone doggedly pursued the best interests of their client, whilst maintaining a good understanding of the purchaser's objectives, thus playing a major role in bringing the deal to a satisfactory conclusion for all parties.”
Mark Watts, of Marwyn Capital Ltd, who acted as financial adviser to Zetar, and was instrumental in raising the funds for the AIM listed cash- shell, adds: “Livingstone provided invaluable advice to the Vendors and I doubt whether we as the Purchaser would have completed the deal had they not been involved.”
Livingstone’s team was led by Simon Cope-Thompson and Nuala Higgins, who is a member of its dedicated Food and Beverage team. The team has been particularly active in the confectionery and snack food sector recently, having also advised on the sale of 3i backed Halo Foods Ltd to Glisten Plc in December 2004 for a total consideration of approximately £14 million.
As Simon Cope-Thompson, Partner at Livingstone says: “We are delighted to have advised Clive and his fellow shareholders on the deal and to have been able to introduce Ian Blackburn to Marwyn in the first instance. Zetar has an exciting future ahead of it and we believe it is well placed to grow through other suitable acquisitions in the UK and overseas.”
Simon Cope-Thompson, Partner
Tel: 020 7484 4706
Email: sct@livingstonepartners.co.uk
Nuala Higgins
Tel: 020 7484 4724
Email: nhiggins@livingstonepartners.co.uk
Para recibir más información sobre las noticias o eventos anunciados, rogamos se ponga en contacto con Neil Collen.
Nuala Higgins, Deal Leader and Simon Cope-Thompson, Partner