Downer & Company Advises Harrington Food Group on Sale of Sundora Foods to Whitworths Limited
#1 Dried Fruit and Nuts Company in the United Kingdom
BOSTON, September 29, 2005 - Downer & Company, LLC, an international investment banking firm specializing in middle-market cross-border acquisitions and divestitures, is pleased to announce that Harrington Food Group has completed the divestiture of the assets of Sundora Foods Limited to Whitworths Limited. Terms of the transaction were not disclosed.
"Though the eventual buyer was in Sundora's backyard, our global divestiture process identified interested parties from the US, UK, Western Europe and Australia,” said Philip Smith, Director with Downer & Company's Dublin office. "Strategic buyers are often willing to pay a premium for a divested company,” he continued, “and in this case Sundora Foods represented an excellent strategic fit for Whitworths Group."
Sundora Foods Limited is the #2 producer of dried fruits and culinary nuts in the United Kingdom. Sundora Foods’ business was owned by Harrington Food Group, which is in the portfolio of Phildrew Ventures IV Fund. The Phildrew Ventures IV Fund, now part of UBS group, is advised by IRRfc. Whitworths is considered the biggest processor and packer of dried fruit and culinary nuts in the UK and a leading supplier of dried fruit and nut snacks.
About Downer & Company
Since its inception in 1975, Downer & Company, LLC, has gained distinction as a leading middle-market M&A firm focused on the execution of acquisition and divestiture mandates for international and domestic corporations and private equity firms. Downer & Company is headquartered in Boston, Massachusetts, and has offices in Paris, Dublin, Frankfurt and Sydney. Downer & Company received an award for transacting the “International Cross-Border Deal of 2004” and was recognized as the top Investment Banking Firm of 2003 by The Mergers & Acquisitions Advisor. Downer & Company's corporate headquarters are located at 60 State Street, Boston, MA 02109. For further information, visit www.downer.com.