Top 100 law firm, Birketts, acted in the sale of leading food coatings company, Bowman Ingredients Holdings Limited (Bowman), to the primary European producer of savoury ingredient solutions for the food industry, Solina, for an undisclosed sum.
Established in 1992 and based in Hertfordshire, Bowman specialises in the production of coating systems for customers in the global food processing industry, supporting many of the world’s leading food brands, and offering gluten-free and allergen controlled manufacturing. With over 220 staff, Bowman’s works with processing firms and food solutions suppliers to develop bespoke coating products such as marinades, batters and breadcrumbs, for a variety of retail and foodservice markets. With its international network of manufacturing facilities including bases in South Africa, Thailand and more recently, Poland, Bowman’s expansion has been significant, generating revenues in excess of £60m.
With Bowman’s impressive international footprint securing custom from across the food processing industry, it is hoped that this acquisition will help Solina to boost the reach of its extensive offering of innovative technology solutions, catalysing its growth strategy and taking the organisation to even greater successes.
James Austin, Alex Nelson and Sarah Branwhite (Corporate) led the transaction, with assistance provided by John Kahn (Tax), Stacy Aspden (Property), Abigail Trencher and Jennifer Leeder (Employment), Nelllie Jackson (Intellectual Property) and Rob Willoughby (Trusts). Grant Thornton’s Cambridge team were the lead corporate finance and tax advisors.
Rory Bowman, CEO at Bowman commented: “Solina and Bowman’s product offering and customer base perfectly complement each other, but the international elements and a customer base of global brands meant the sale was complex. Birketts’ legal team were great at dealing with all the issues and being able to call upon a range of expertise from across the firm resulted in a smooth and efficient process and, most importantly, a positive outcome for the business and shareholders alike.”
James Austin, Birketts, concluded: “We are delighted to have assisted the owners of Bowman in this sale. This will mark an exciting phase in Solina’s growth, and we have no doubt that a combination of the two companies will find further success. With the current management team remaining at the helm we feel confident that the future for the company looks very bright indeed.”