GE Commercial Finance’s Business Finance unit has provided funds for an MBO for Hampshire based Atlantic Foods Ltd (AFL).  The turnover of the company has grown considerably since its inception in 1991, and profits have risen steadily.

The new management team will be led by incoming CEO, Russell Maddock. Andy Coghlan, WK Corporate Finance advised on the deal and Tim Lawrence of Hotbed Limited provided an equity finance package.

Russell Maddock, CEO of Atlantic Foods Limited, said: “AFL has historically performed well as a company so it made perfect sense for us to acquire the business. Since it was founded in the early nineties, profit levels have steadily increased, making it a worthy acquisition. With the funding provided by Business Finance, we are now in a position to focus on the further growth of the company.”

Andrew Rutherford, Business Development Director at Business Finance, said: “This was an interesting project for Business Finance in terms of structure and working with the other advisers.  It showcases both Business Finance’s appetite for innovation and the commitment of the AFL management team – which is now well equipped to drive the business forward.”

Andy Coghlan, WK Corporate Finance,commented: “We introduced Russell to the opportunity and helped to develop a strategic plan for the closure of the deal and the future growth of the business. GE Commercial Finance quickly grasped the potential for the business and developed an innovative funding solution."

Noel Ruddy of PDT acted as legal advisor on behalf of the MBO team, Edward Baker and Russell Maddock