KBS CORPORATE OVERSEE FULFILLING SALE OF CORNISH PASTY MAKER

KBS Corporate’s deal team have been described as “simply brilliant to work with” by the CEO of food manufacturer Proper Cornish after overseeing the sale of the business.

The Bodmin-based company, renowned for their Cornish pasties, have been acquired by French quality food producer Boncolac who specialise in frozen sweet and savoury baked products.

At the heart of the transaction were Mark Lucas and George Jackson, KBS Corporate Managing Director and Associate Director respectively, who advised the Proper Cornish shareholders during a process that identified Boncolac as the ideal buyer to help accelerate growth for the company, which was founded in 1988, and to retain the brand and its entrepreneurial ethos.

“Mark, George and their team were simply brilliant to work with,” said Chris Pauling, CEO of Proper Cornish.

“They were an exceptional support through every stage of the sale and made our job easy.

“They clearly understood our business and the market, which was reflected in the expertly written and designed marketing materials and their ability to generate lots of interest from potential buyers.

“They were on the front foot throughout and were instrumental in finding the best price and home for our business and getting the deal done.

“I’d thoroughly recommend them to any entrepreneur looking to raise investment or sell a business.”

A high-performing and dynamic manufacturer of products which also include sausage rolls and other savoury pastries, Proper Cornish’s attraction to potential buyers also comprised its state-of-the-art infrastructure, a loyal and diverse customer base and a clear plan to continue its strong growth trajectory.

Those factors clearly appealed to Boncolac, whose headquarters is in Toulouse with their Group backed by Waterland Private Equity Investments which operates across Europe.

“This transaction delivers continuity for Proper Cornish as part of the Boncolac Group, an ambitious Pan-European buy-and-build project, and allows the sellers to secure the shareholder value created by Proper Cornish’s growth trajectory and investments,” said Mark Lucas.

“The acquisition offers Boncolac clear commercial synergies through various cross-selling opportunities and establishes a strong presence in the UK market.

“We are delighted to have advised Chris and his team on the sale of Proper Cornish. They have built an absolutely fantastic business which has found a great home to continue its journey in the Boncolac Group.”