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One of the county's leading food distribution firms has been taken over.
The Burden Group, headquartered at Five Oak Green, near Tonbridge, has been acquired by London-based Caneda Foods - a long-term buy-and-build investor in the UK food supply market.
Burden, which also has sites in London, Fareham and Newcastle, is also the largest business operating at Smithfield Market, operating under the James Burden name.
In addition it operates the Cavendish Ship Stores brand which supplies using the major UK cruise and ferry ports with a warehouse in Fareham, Hampshire.
Trevor Hussey, CEO of The Burden Food Group said: “The food market is currently undergoing significant and rapid change, which is increasingly challenging existing business models.
"We wanted to ensure the company was best placed to deal with these changes and considered Caneda Foods the right home for the long term future of the business and its employees. We were immediately impressed with the team’s industry knowledge and understanding of the issues our business and shareholders faced.
"I have worked for Burdens for more than 30 years and am delighted its future is in good hands.”
Desmond Doyle, chief executive of Caneda Foods, added: “Burden’s is a strong business with an outstanding reputation and is a great fit with our strategy. We look forward to working with Trevor and his team to grow the business.”
The corporate finance team of business advisors Crowe, led by Geert Struyven and Lewis Clarke, advised the shareholders of the Burden Group on the sale and introduced Caneda Foods as potential purchasers. James Bullock and Tim Turner from Brachers were legal advisors to the shareholders of the Burden Group whilst Caneda Foods were advised by Morrison Foerster.
Geert Struyven from Crowe said: “The shareholders of the Burden Group grew the businesses substantially over the last few years, but wanted to plan for their future retirement in a way that secured the goodwill of the business but also provided an opportunity for them to realise the hard-earned value they created. We are pleased to have been able to introduce Caneda Foods and structure a transaction that works for all parties.”
