Bakkavor Group PLC has recently undergone significant changes in its major shareholders and board of directors. The company was informed that BP-PE5 L.L.C. had sold its entire shareholding to LongRange Capital Fund I, L.P. and its affiliates. LongRange, founded in 2019, focuses on investing and building middle market businesses through a customer-first philosophy. With over $1.7 billion in assets under management, LongRange takes a longer-term perspective to investing and employs a highly flexible and collaborative approach to partnering with management and other stakeholders.
As a result of this transaction, the relationship agreement with Baupost will terminate, and Patrick Cook, Baupost's nominated representative to the Company's Board, will step down. The company has entered into a new relationship agreement with LongRange, which will regulate the ongoing relationship between the Company and LongRange. Additionally, Robert (Bob) Berlin will be appointed as a non-independent non-executive Director of the Company's Board, representing LongRange.
Simon Burke, Chairman, expressed gratitude to Baupost for their support and welcomed Bob Berlin back to the Board, highlighting his deep understanding of the business and markets. Mike Edwards, CEO, also extended a warm welcome to Bob Berlin, emphasizing his invaluable experience as the company continues to build positive momentum and deliver its strategic ambition.
The company will be issuing its scheduled FY23 Trading Update on Thursday, 18th of January 2024. In connection with Patrick Cook's termination of appointment, no remuneration payment or payment for loss of office will be made.
Bakkavor Group PLC is the leading provider of fresh prepared food in the UK, with a presence in the US and China. The company leverages its consumer insight and scale to provide innovative food offerings that prioritize quality, choice, convenience, and freshness. With over 18,500 colleagues operating from 44 sites across its three markets, Bakkavor supplies a portfolio of over 2,900 products to leading grocery retailers in the UK and US, as well as international food brands in China.
For further details, the key terms of the Relationship Agreement will be made available on the Company's investor relation website.