Case Study 1
European Frozen Food transactions 2005/6
During 2005 and 2006 The Brookes Partnership (TBP) was engaged by CCMP and The Blackstone Group to assist in their process of bidding for a series of LBOs within the European frozen food space.
The Brookes Partnership undertook detailed business due diligence and assessed the opportunity for a consolidation strategy including Heinz’s European frozen food business, Findus and Igloo Birds Eye.
Given TBPs extensive experience in chilled convenience foods and knowledge of food businesses, the scope to undertake a thorough manufacturing re-configuration across all three businesses and effect a series of factory closures was assessed. Some plants within the network were indeed highly inefficient with very low productivity levels. TBP identified cost saving opportunities, assessed growth dynamics, and considered new range opportunities in new product development. However, the optimal structure included a full consolidation of all three businesses.
Following a substantial decline in performance Heinz retained its frozen food assets, whilst Findus was acquired by Capvest and Birds Eye by Permira.
Case Study 2
The Brookes Partnership has also worked with The Blackstone Group’s North American operations. Prakash Melwani, the Blackstone Partner leading the consumer products group in New York, is available to provide references for our work.