Accountancy and business advisory firm BDO LLP has advised on the sale of foodservice supplier, Thomas Ridley Foodservice.
The company was acquired by Bidcorp UK for an undisclosed sum – a market leading foodservice and product distributor. This is Bidcorp UK’s second acquisition in as many weeks, following the acquisition of Harvest Fine Foods earlier this month.
BDO’s corporate finance team advised the directors and shareholders of Thomas Ridley Foodservice. The team included John Gethen, Corporate Finance Director, M&A, and Jason Whitworth, M&A partner at BDO.
As part of the transaction, Thomas Ridley Foodservice will join the Caterfood Buying Group – Bidcorp UK’s growing network of independent businesses, which includes Nichol Hughes, Elite Fine Foods, Caterfood, South Lincs Foodservice and Cimandis. The latest acquisitions make Caterfood one of the main buying groups serving the foodservice wholesale sector.
Whitworth said: “Thomas Ridley Foodservice is a longstanding, independently owned business, which is a real success story in the region. It has built up a strong reputation in the foodservices market over many generations and this standout deal will help to secure its future for many years to come, while at the same time protecting the company’s vision and values, centred around providing strong customer service.
“This is an exciting deal and demonstrates the strength and depth of high quality businesses that continue to attract the attention of national and international players. We look forward to following the company’s growth journey as it continues to flourish under the stewardship of the Caterfood Buying Group.”
Thomas Ridley Foodservice opened its doors in 1808 and has longstanding experience in servicing customers across a variety of sectors, including healthcare, education, hospitality, hotels, restaurants and retail.
Justin Godfrey, managing director of Thomas Ridley, said: “The business has been run by my family for over 200 years, so it was important that we joined a company that shares the same customer focussed DNA; making food delivery one less thing to worry about.
“Bidcorp UK’s Caterfood Buying Group has the resource to support Thomas Ridley Foodservice in further improving and developing our offer and service level to our customers, whilst keeping those family values.”
He added: “The BDO team were responsive, supportive and tenacious during the process, and it felt like we had a real partnership to get the deal over the line together. Their deep sector experience and connections meant that we could access the market widely and identify the right buyer.”
Thomas Ridley Foodservice will begin operating under Caterfood Buying Group from 23rd January 2023, but will continue as an autonomous and independent business.