The deal also enabled a partial realisation of investment for private equity house NBGI Private Equity (NBGIPE).
PK Food Concepts has established a strong brand profile, particularly in the secondary school market. Working alongside Exeter-based colleagues, the Bank’s Birmingham team was able to build on a fruitful dialogue that had developed with the Pasta King board over many years.
Founded in 1994, PK Food Concepts is a leading manufacturer, supplier and distributor of innovative branded and own label meals for the UK foodservice, education, retail and health sectors. It has sold more than 150 million meals and recently added ranges including healthy rice-based meals and ‘grab & go’ snacks.
From its headquarters in Devon, the business has been owned since 2009 by its management team of Howard Farquhar, Ian Rick and Guy Truman, alongside NBGI Private Equity.
Success is based on the development of new products and concepts to keep PK Food Concept’s offering fresh in the eyes of key end-users – secondary and primary school children. In addition, the business has also enhanced its service to direct customers, such as schools and academies, through more flexible pack sizes and minimum order quantities, as well as more innovative and quicker serving equipment.
Howard Farquhar, Managing Director of PK Food Concepts, said: “We really enjoyed working with the Bank’s team. They’ve delivered a package of facilities that meet the combined objectives of both the business and NBGI Private Equity, while also giving us a good degree of flexibility.”
We really enjoyed working with the Bank’s team. They’ve delivered a package of facilities that meet the combined objectives of both the business and NBGI Private Equity.Howard Farquhar, Managing Director of PK Food Concepts