Montagu exits Marlow Foods

Montagu Private Equity is selling Marlow Foods, the UK manufacturer and distributor of the Quorn branded products, to Premier Foods Plc for £172m.

Montagu bought Marlow foods from AstraZeneca in May 2003 in a £70m transaction. During the two year investment period, the company has successfully developed its brand to appeal to more healthy eating customers. It has significantly grown earnings and has paid off a substantial proportion of its bank debt.

Marlow Foods is the manufacturer and distributor of the Quorn brand of meat alternative products. In 2004, the company posted turnover of £79m. The acquisition by Premier Foods places Quorn within a portfolio containing brands such as Ambrosia, Branston, Hartley’s, Loyd Grossman and Typhoo.