Bernard Matthews Attracts New Investor
Rutland Partners, the specialist turnaround and restructuring investor, has completed an investment in Bernard Matthews Holdings alongside the existing family interests to strengthen the business and support its future growth and development.
Based in East Anglia, Bernard Matthews is the market leading producer of turkey in the UK operating across 50 farms and four processing facilities. The business breeds, raises and processes about 7 million birds per annum in the UK and supplies the market with 1.5 million fresh birds over Christmas.
Bernard Matthews operates a fully vertically integrated business model owning the entire supply chain from ‘farm to fork’ for both primary markets (eg. fresh turkey) and secondary markets (eg. cooked meats). In addition, Bernard Matthews has branded value added meat processing businesses in Germany and Hungary.
Despite enjoying an important market position in the UK poultry industry with a strong brand, Bernard Matthews has faced some trading challenges in recent years. David Joll, its former chief executive until 2006, who has recently been brought back into the business as executive chairman will continue in the role following Rutland’s investment.
David Joll comments:“It has been well documented that we have been looking into a range of funding options to help develop the business, but we wanted a partner who understood the company and were committed to helping us grow. Rutland fit this model perfectly, as from the outset they have seen real potential in the business. With Rutland’s investment, restructuring skills and support the business will be in a strong position to invest in its farming and operational assets. In addition, we will continue to focus on business improvement combined with product innovation and investment in our brand.”
Bernard Matthews is the tenth investment from Rutland Fund II (£320 million) and follows a busy 12 months for Rutland with its recent investments in AFI Group, Buy As You View and Pizza Hut UK Restaurants. In addition, Rutland has exited three businesses over the last year: Pulse Home Products, NoteMachine and Advantage Healthcare.
