Devonvale targets growth after management buyout

Luxury flapjack maker Devonvale is set for growth after a successful management buyout.

Managing director Martin Loader and chairman Tony Revill-Johnson have acquired the Honiton-based business from founders Keith and Trudy Upham.

A team at PKF Francis Clark, including Sam Phillips and Tom Slade, assisted the new owners with a full suite of buyside advisory services, including due diligence, deal support, and sale and purchase agreement management.

Sam, Tom and the team showed that their people-first approach, coupled with a winning combination of insight and experience, was instrumental in guiding us to a successful conclusion.

Employing more than 20 people, Devonvale hand-bakes millions of bars of flapjacks and cakes each year, supplying own-label products as well as selling under its own brands, including the Just bar range. In recent years, the business has expanded into supplying its Devon-made products to numerous countries in Europe.

Sam Phillips, transaction services director at PKF Francis Clark, said: “With Devonvale having built a reputation for the quality of its products, Tony and Martin saw an opportunity to acquire and grow the business with some investment backing. Our role was to get under the skin of the business to help identify the drivers of growth and cashflow requirements, as well as supporting with deal negotiation.

“We were delighted to assist with the successful management buyout and wish the new owners every success with their ambitious growth plans.”

Tony Revill-Johnson said: “We’d like to thank PKF Francis Clark for their invaluable support during this deal. Sam, Tom and the team showed that their people-first approach, coupled with a winning combination of insight and experience, was instrumental in guiding us to a successful conclusion.”

Martin Loader added: “Going forward, and supported by a terrific team of people, I am focused on growing with existing customers, as well as supporting new customers in bringing new products and brands to the exciting growth segments of sweet snacking and food to go. Building on our well-earned reputation for good products and customer service, Devonvale is well placed to meet customer demands in the UK and internationally.”

Read about more deals PKF Francis Clark has helped to make happen.