Bakkavor, the maker of fresh meals, pizzas and desserts for numerous UK's high-street retailers, is to float on the London Stock Market, raising around £100m to pay down debt and fund investment in the company.
The firm supplies Tesco, Marks & Spencer, Sainsbury's and Waitrose and says it accounts for 30pc of the United Kingdom market for freshly prepared meals. The Group has a total of approximately 19,000 employees, operating 26 factories in the United Kingdom, three in the USA and eight in China.
Founders Agust and Lydur Gudmundsson, who now own 59 per cent of Bakkavor, and hedge fund Baupost, which owns 41 per cent, will also sell down part of their stakes.
Sources have since said that the listing might be more likely to value Bakkavor in the £1bn to £1.5bn range.
"We have long-established relationships with the UK's leading food retailers and our quality products are core in their efforts to gain greater exposure in the exciting fresh convenience sector". "Through that time the business has retained its entrepreneurial edge while putting in place a hugely experienced management team with strength in depth across..."
During the first half of 2017 it made £903.3m in revenue and £77.7m in EBITDA.