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This is the second time I’ve worked with LDC and, as always, they are a class act who have supported us every step of the way. I like the way that LDC support management and challenge us to be better in many different areas. It’s been a pleasure working with Stefan, James and the broader LDC team and I would always place them top of my list for private equity support.”

Chris Ormrod, CEO

Stefan Gunn, Investment Director at LDC, added: “Cakesmiths’ rapid growth is all down to the team’s passion for their cakes and commitment to innovation and service excellence. Together, we quickly identified the online platform as an essential channel to drive growth, and it’s wonderful to see it become an even more important part of the business’ offering, with almost 70% of Cakesmiths’ volumes being ordered online and delivered next day. It’s also been great to partner with the irrepressible Chris Ormrod again and also support a team based just down the road from our Bristol office. They are now ready to fly the flag for the city internationally, and we wish them every success.”

The transaction is expected to complete in January 2024.

LDC has a successful track record in the consumer sector, having invested nearly £600m into more than 30 businesses across travel and leisure, food and drink and consumer goods since 2012. LDC’s current consumer portfolio includes equestrian brand LeMieux, hospitality and leisure operator BOXPARK, premium milkshake brand Shaken Udder, outdoor adventure business ZipWorld and fine food manufacturer Bramble Foods.

LDC and Cakesmiths were advised by KPMG (M&A Advisor), TLT (Legal) and RSM Corporate Finance (Financial). Management advisers were UGCC (French legal), Trowers and Hamlins (UK Legal), KPMG (tax) and Momentum CF (management advice).