Backed by Leeds equity finance company, Endless, Bright Blue Foods has opted for acquire the Hull-based cakes and desserts facility from Greencore with an undisclosed sum.
Endless acquired Bright Blue Foods (BBF) in September 2015 as part of its fourth fund.
Completion on the sale is anticipated at the beginning of February 2018 after a TUPE consultation process with Greencore Hull employees.
The Hull site will trade under the name of BBF (Hull) Ltd. The combined business should have turnover over 140 million each year, employ over 2000 people across 5 sites and will also be led by Jonathan Lill as CEO, sustained by the BBF Board of Directors.
Mr Lill said: “This is a really exciting time for we, our people and our customers. The product range and client base from both firms are very complementary.
“BBF is entirely focussed over the bakery sector and also this acquisition is going to be transformational for the business.
“We are dedicated to still purchase the category and deliver high quality, service and innovation to our customers.”
Richard Harrison, Investment Director at Endless, added: “This acquisition will double the amount height and width of BBF and definitely will encourage the business to maximise opportunities on this category through its enhanced product offering and scale.”