Strathmore Foods: Fresh investment as Scottish maker of 15 million ready meals completes MBO
“We are incredibly proud of the business we have built alongside our employees, customers and suppliers” – Julie Nisbet, director
A Forfar-based company that produces some 15 million ready meals a year has entered an “exciting new chapter” after completing a management buyout.
Founded in 1973, Strathmore Foods supplies major UK retailers and owns McIntosh of Strathmore, the popular chilled ready meal brand, alongside Craft Mac Co and Scottish Favourites. The business employs about 115 people.
Private equity firm Foresight’s investment in the company, alongside the existing shareholders, will support the management team to build on Strathmore’s established market position and “pursue growth across retail, foodservice and contract manufacturing”.
Former sales director Neil MacRae has been appointed as managing director and will lead the company’s next phase of growth. Foresight has introduced Mark Steven, former managing director of Highland Spring, who will join the board as a chairman.
Julie Nisbet, director of Strathmore Foods, said: “Strathmore Foods has been at the heart of our family for many years, and we are incredibly proud of the business we have built alongside our employees, customers and suppliers.
“As we enter this exciting new chapter, we are delighted to welcome Foresight as our investment partner while retaining a minority shareholding in the company. Most importantly, this partnership creates opportunities to invest further in our people, our customers and our capabilities, ensuring Strathmore Foods remains a leading food solutions provider, renowned for quality, innovation and service, for many years to come.”
MacRae added: “Strathmore has built an outstanding reputation for quality, innovation and customer service over more than 50 years. With Foresight’s support, we look forward to continuing that heritage while investing in new growth opportunities across retail, foodservice and contract manufacturing.”
Ryan Finesy, senior investment manager at Foresight Group, said: “Strathmore is a high-quality food manufacturing business with a leading position in the Scottish ready meal market, longstanding customer relationships and a strong track record of profitability. We are delighted to support Neil and the wider management team as they build on the company’s strong foundations and execute the next phase of growth.”
To date, Foresight has invested in excess of £120 million into companies across a range of sectors and transaction types throughout Scotland.
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