Cakesmiths is an independent manufacturer and supplier of artisan handmade cakes.

Investment type
  • Management buyout
Exit type
  • Trade sale
Exit date

December 2023

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This is the second time I’ve worked with LDC, and I like the way they support management and challenge us to be better in many different areas.”

Chris Ormrod, CEO

Driving growth through investment in digital platforms

LDC made a significant investment in Cakesmiths in March 2022 to back the management team’s ambitious growth strategy.

During a two-year partnership, Chris Ormrod and his team secured several high-profile client wins, invested more than £2m to scale operations and invested heavily in sales and marketing, including a successful rebrand. Cakesmiths also grew its e-commerce offering during the partnership, with online sales in H1 2023 more than double its online sales for the entirety of 2021.

With LDC’s backing, Cakesmiths increased revenue by 164% and EBITDA by 260%. The business also continued to invest in talent across its organisation, and employs more than 200 people, growing from 110 when LDC first partnered with the team.

In December 2023, LDC agreed to exit its investment in Cakesmiths to fast growing European food group Onore (previously known as Boncolac).

The transaction, led by LDC’s Stefan Gunn and James Garland, generates a 3x money multiple return and IRR of 81% for LDC. It is due to complete in January 2024.

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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


8 x Great Taste Awards


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