Key Takeaways
- • Foresight Group, a London-based private equity firm, has taken a majority stake in Scottish ready-meals manufacturer Strathmore Foods, with founding family members retaining a minority shareholding.
- • Strathmore Foods, founded in Forfar in 1973, produces around 15 million branded and private-label ready meals a year and employs more than 115 people.
- • The company supplies major UK retailers including Tesco, Asda and Sainsbury's, and owns McIntosh of Strathmore, Craft Mac Co. and Scottish Favourites.
- • Neil MacRae, formerly sales director, has been appointed managing director, replacing Julie Nisbet, who held the role since 2005.
- • Mark Steven, former managing director of Highland Spring, has joined the board as chair.
Summary
London-based Foresight Group has taken a majority stake in Strathmore Foods, the Scottish ready-meals manufacturer, according to the company. Foresight said the investment will support growth across retail, foodservice and contract manufacturing. The firm said it invests in growing businesses, providing equity or debt financing to meet the needs of founders, management teams and specialist lenders.
Founded in Forfar in 1973, Strathmore Foods produces around 15 million branded and private-label ready meals a year from its Forfar factory. The company employs more than 115 people and supplies major UK retailers including Tesco, Asda and Sainsbury's. It also owns McIntosh of Strathmore, one of Scotland's leading chilled ready-meal brands, alongside Craft Mac Co. and Scottish Favourites.
The transaction comes amid a transitional period for management. Former sales director Neil MacRae has been appointed managing director, replacing Julie Nisbet, who took up the role in 2005 and later succeeded her father, Colin Nisbet, the company's founder, as chief executive officer. Nisbet and operations director Douglas Nisbet will remain involved with the business for an as-yet-undetermined period before stepping back. Mark Steven, former managing director of Highland Spring, has joined the board as chair.
Julie Nisbet said the family retains a minority shareholding and that the partnership creates opportunities to invest further in employees, customers and capabilities. Ryan Finesy, senior investment manager at Foresight Group, described Strathmore as a high-quality food manufacturer with a leading position in the Scottish ready-meal market, longstanding customer relationships and a strong track record of growth. Foresight said it was delighted to support MacRae and the wider management team in executing the next phase of growth.
The financial terms of the transaction were not disclosed in the source material.
Founded in Forfar in 1973, Strathmore Foods produces around 15 million branded and private-label ready meals a year from its Forfar factory. The company employs more than 115 people and supplies major UK retailers including Tesco, Asda and Sainsbury's. It also owns McIntosh of Strathmore, one of Scotland's leading chilled ready-meal brands, alongside Craft Mac Co. and Scottish Favourites.
The transaction comes amid a transitional period for management. Former sales director Neil MacRae has been appointed managing director, replacing Julie Nisbet, who took up the role in 2005 and later succeeded her father, Colin Nisbet, the company's founder, as chief executive officer. Nisbet and operations director Douglas Nisbet will remain involved with the business for an as-yet-undetermined period before stepping back. Mark Steven, former managing director of Highland Spring, has joined the board as chair.
Julie Nisbet said the family retains a minority shareholding and that the partnership creates opportunities to invest further in employees, customers and capabilities. Ryan Finesy, senior investment manager at Foresight Group, described Strathmore as a high-quality food manufacturer with a leading position in the Scottish ready-meal market, longstanding customer relationships and a strong track record of growth. Foresight said it was delighted to support MacRae and the wider management team in executing the next phase of growth.
The financial terms of the transaction were not disclosed in the source material.
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