The UK arm of Spain’s Cerealto Siro Foods has acquired Hill Biscuits from a private-equity firm.
Financial details were not disclosed.
Private-equity firm LDC backed a management buyout of Manchester-based bourbon biscuits and custard cream maker Hill in 2017, and has now fully exited the business.
LDC claimed that Hill Biscuits’ revenues doubled to more than £40m ($51m) in 2024, including sales growth of 44% for last year. In the last set of accounts filed for the business for the year to the end of 2022 it recorded sales of £26m and EBITDA of £536,178.
Frank Bird, CEO of Hill Biscuits, said: “This acquisition marks a pivotal moment in our journey to become the leading provider of everyday essential biscuits. This exciting opportunity allows us to harness and energise the experience and excellence of our two bakeries, enhancing our capabilities to meet customer needs.”
Hill Biscuits was founded as a small shop in Dukinfield, Manchester by John and Sarah Hill in 1855. The company employs around 350 people today.
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Bird added: “Over the past seven years, we have made notable strides in enhancing our processes and products. Now, as we approach our 170th anniversary next year, we’re looking forward to partnering with Cerealto UK, and are poised to accelerate growth and innovation even further.”
Cerealto UK is a portfolio company of Davidson Kempner Capital Management and Afendis Capital Management.
Rob Powell, partner at LDC, added: “Hill Biscuits is a renowned and trusted supplier of quality products and it’s a business that refuses to stand still, achieving impressive rates of growth over recent years. We are proud to have supported the business and we wish the team every success for the future.”
