Established in 1970, Peter’s manufactures savoury pastry products including meat pies, pasties and sausage rolls, sold to outlets throughout England and Wales, including national supermarkets, football grounds and local fish and chip shops.
The business has turnover of £53m and employs 640 staff. The service division has grown from a traditional van sales operation into a supplier of chilled and frozen foods with 10 sites including London, Cardiff and Birmingham, while the manufacturing division produces more than 100m pastry products a year at its facility in Bedwas, South Wales.
John Griffiths, who along with others acquired the business from Grand Met in 1997, will retire. His son Justin Griffiths will take on the role of food service director, with David Peek continuing as finance director, and they will be joined by Mike Grimwood, a former executive of food group Northern Foods.
Royal Bank of Scotland provided financing. The investment is the first from NBGI’s second £100m fund, which closed in August this year.