We have advised LDC’s portfolio company, Hill Biscuits, one of the largest branded and private-label biscuit manufacturers in the UK, on its sale to Cerealto UK, a leading European specialist in manufacturing biscuits, breakfast cereals, snacks and pasta. This transaction marks an exit for investors LDC. Financial terms of the transaction are not disclosed.
Hill Biscuits was founded in 1855 by Sarah and John Hill as a small family-run shop. The business expanded and in 1893 moved into Tudno Mill in Ashton-under-Lyne, Manchester, where Hill’s bakery remains. Over the years the business has grown substantially and today is a true British success story. Hill Biscuits has become one of the largest and longest-established biscuit manufacturers in the UK, producing hundreds of millions of biscuits each year, supplying a range of customers across retail, wholesale, and food service markets.
LDC partnered with Hill Biscuits in 2017 to support its organic growth strategy. It went on to help the business to invest in new technology to improve manufacturing efficiencies and increase capacity, whilst also investing in people development. During the seven-year partnership, Hill Biscuits more than doubled revenues to over £40m in 2024, including reporting sales growth of 44% for last year. Today, it employs 350 people.
Cerealto, a portfolio company of Davidson Kempner Capital Management and Afendis Capital Management, will now bring the two businesses together to accelerate growth and innovation.
