UK-based private equity firm NBGI Private Equity has acquired Pasta King, a provider of pasta meals for schools from its incumbent managment and Matrix Private Equity Partners. NBGIPE provided £13m for the buyin.
Based in Devon, Pasta King provides pasta meals to schools and is currently expanding into universities, business and industry and leisure sectors. It also recently received approval from the NHS Purchasing and Supply Agency so it can cater to hospitals and healthcare establishments.
As part of the transaction NBGIPE is backing Howard Farquhar and Mike Cole as respectively Pasta King’s new managing director and chairman. Richard Babington of NBGIPE will also join Farquhar and Cole on the new board of Pasta King.
Director of NBGIPE, Richard Morley said: “We are delighted to be backing Howard and Mike for the second time on an MBI into the food service sector. They are a very high quality team and I’m confident that they will take the business to new levels by further development of the successful Pasta King model.”
Bank debt for the transaction was provided by HSBC Leveraged Finance. Geldards (Nottingham) provided legal advice to the purchaser, with Ernst and Young and CIL undertaking financial and commercial due diligence services respectively.