On 12 January 2024, the Company was informed that BP-PE5 L.L.C. (an affiliate of the Baupost Group, "Baupost") had sold its entire shareholding of 116,468,928 ordinary shares (the "Shares"), representing 20.1% of the share capital in the Company to LongRange Capital Fund I, L.P. and its affiliates ("LongRange", and with respect to the share sale, the "Transaction").
Founded in 2019, LongRange was formed to take a longer-term perspective to investing and building middle market businesses through a company-focussed and customer-first philosophy. LongRange has over $1.7 billion in assets under management and employs a highly flexible and collaborative approach to partnering with management and other stakeholders.
Effective upon completion of the Transaction (expected to be on or around 16 January 2024), the Company's relationship agreement with Baupost dated 10 November 2017 will terminate and Patrick Cook, Baupost's nominated representative to the Company's Board, will step down.
The Company has today entered into a relationship agreement with LongRange ("the Relationship Agreement") which will come into effect automatically upon completion of the Transaction (expected to be on or around 16 January 2024). The Relationship Agreement will regulate the ongoing relationship between the Company and LongRange. The key terms of the Relationship Agreement will be made available on the Company's investor relation website at www.bakkavor.com/en/investors/shareholder-information.
Pursuant to the Relationship Agreement, the Company also announces that Robert (Bob) Berlin will be appointed as a non-independent non-executive Director of the Company's Board, as LongRange's representative, and such appointment will also become effective upon completion of the Transaction.
Bob previously served as a non-executive Director of the Company, from January 2016 until July 2018.
Bob is a senior investment professional with investing and strategic operating experience across the consumer goods, food, manufacturing, technology and services sectors. He has helped management teams drive value creation through investments in innovation, accretive capital investments, new commercial relationships, data and analytics, organisational change and operational optimisation.
Simon Burke, Chairman, said: "Baupost has been a supportive shareholder in Bakkavor over many years and we wish them well. Patrick Cook was a very positive addition to our Board, giving us insight, good challenge and constructive debate. I would like to thank him for this on behalf of us all and wish him every success in the future".
Mike Edwards, CEO, said "I would like to extend a warm welcome to Bob Berlin, who rejoins our Board representing LongRange. He has a deep understanding of our business as well as our markets and his experience will be invaluable as we continue to build positive momentum and deliver our strategic ambition."
There are no further details to be disclosed pursuant to Listing Rule 9.6.13 in connection with Bob Berlin's appointment.
The Company will be issuing its scheduled FY23 Trading Update on Thursday,18th of January 2024.
In accordance with section 430(2B) of the Companies Act 2006, no remuneration payment or payment for loss of office will be made to Patrick Cook in connection with the termination of his appointment.
Institutional investors and analysts:
Ben Waldron, Chief Financial Officer: +44 (0) 20 7908 6114
Annabel Tagoe-Bannerman, Group General Counsel & Company Secretary: +44 (0) 20 7908 6130
Financial media: firstname.lastname@example.org +44 (0) 3128 8100 / + 44 7884 494112
Katie Hunt, MHP
Rachel Farrington, MHP
Oliver Hughes, MHP
We are the leading provider of fresh prepared food ("FPF") in the UK, and our presence in the US and China positions the Group well in these, high-growth markets. We leverage our consumer insight and scale to provide innovative food that offers quality, choice, convenience, and freshness. Over 18,500 colleagues operate from 44 sites across our three markets supplying a portfolio of over 2,900 products across meals, pizza & bread, salads and desserts to leading grocery retailers in the UK and US, and international food brands in China.
LEI number: 213800COL7AD54YU9949
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