Leeds based frozen food supplier Fullers Foods International, a circa £400m turnover family-owned business, has been sold for an undisclosed sum with all consideration being paid in full on completion.
Adam and Jason Fuller, former joint CEOs of Fullers Foods, had been considering their options as to how best to transition ownership of the business and they were delighted that a deal funded by a group of private investors backing the existing management team, could be struck.
Kevin Smith, who has worked closely with the Fullers family for over 18 years, the past five as managing director, is leading the management team and will take up the role of CEO. Kevin has over 25 years’ experience working in retail and food businesses, spending 13 years at ASDA as well as commercial roles at Young’s Seafood.
Jason Fuller commented: “In looking at who best to take over stewardship of the Fullers business and to ensure continuity of operations for our customers and suppliers, Adam and I felt the time had come to hand over Fullers to a younger generation who are excellently placed to take the company onto the next level of growth.
“We strongly believe that under Kevin’s sustained leadership Fullers will be in safe hands, will remain at the forefront of the food industry and will continue to thrive. The loyalty and dedication of the whole team here at Fullers has been first class and we would like to thank them for their unwavering support over the years.
“We’d also like to take this opportunity to thank all our customers and suppliers with whom we have worked for many years and have been an integral part of the company’s success.”
Fullers Foods is a retail and food service own brand expert, specialising in developing and supplying private label foods and creating bespoke own brand packages for top grocery retailers and food service operators. It is one of the UK’s leading suppliers of own-label frozen serving customers such as M&S, ASDA, Morrison’s, Tesco and ALDI.
Kevin Smith added: “It’s been a privilege to work with Adam and Jason on the journey with Fullers Foods and to lead this business and our excellent team as managing director. It’s a real honour to do so now under this new ownership structure.
“Fullers Foods is a highly successful business. The new investment will enable us to grow on its many strengths, building our supplier and manufacturing capability around Europe and the World and expanding our team here in Leeds. It’s very much business as usual, with a bright future ahead.”
The sellers were advised by BrownButler chartered accountants and Dave Paterson of DJP Advisory.