Chris Cormack, investment director at Enact said: “Having been involved since our initial investment in West Cornwall Pasty Co we are delighted to have seen the transformation and growth of the business that has seen us exit to Samworth Brothers. We are incredibly proud of the work that has been done, initially to ensure the stability of the Company in 2014, and since then to create a thriving business, capable of great things in the future.”
Private equity firm Enact has agreed a deal to sell West Cornwall Pasty Co. to Samworth Brothers for an undisclosed sum.
The business, which operates across a wide range of travel and high street locations and has flagship trading partners such as Moto and the RFU, has been sold in a transaction which will see the company find a long-term home in the Samworth Brothers group following its successful turnaround over the last two and half years.
West Cornwall Pasty, which operates in excess of 50 stores across the UK, had “lost its way” in the food-to-go market when investors took over three years ago, but with private equity backing the brand has restablished itself as a leading provider serving the travel, leisure and sports markets.
The company owns 33 outlets in station and high street location, while the remaining 19 sites are all franchise owned. Samworth regards the acquisition as another route into the got food-to-go sector, where it already has some experience.
West Cornwall Pasty was the first investment made by the Enact Fund in April 2014. Since that time the management team, led by executive chairman Chris Peck, has taken the business from strength to strength – quadrupling profitability, extending the product offering and undertaking a major overhaul of the brand.
The exit marks the first realisation by the Enact Fund and delivers a 5.5x return to investors.
Richard Armitage, CFO of Samworth Brothers, said: “We are delighted to be able to bring the West Cornwall Pasty Co into the Samworth Brothers family of companies. We are able to offer many opportunities for the future growth of the business and an exciting future for our new colleagues. Enact has done a great job of nurturing the business since 2014 and we are confident of being able to continue their good work.”