Panicium Ltd expands presence in food industry with latest acquisition
Panicium Ltd, a group of UK artisan food brands, continues to build its portfolio in the food industry with the acquisition of fresh spreads and potted meats manufacturer, Binghams Food Ltd.
The acquisition marks a significant milestone in Panicium’s buy-and-build strategy as the firm has a vision to consolidate successful artisan food manufacturing businesses that are characterised by high-quality products and have a strong regional brand identity. Shawbrook Bank supported the acquisition with a seven-figure commercial loan facility.
Sheffield-based Binghams Food Ltd was established in 1914 by founder Charles Bingham. The business supplies fresh spreads and potted meats to a well-established network of retailers, distributors and sandwich shops across the UK.
Following the acquisition by Panicium Ltd, the business can continue to grow and supply high quality products whilst benefiting from the opportunities and efficiencies by becoming part of the group at Panicium Ltd.
Panicium Ltd previously acquired Margaret Hall Ltd in 2018, a specialist confectionery bakery with a focus on both ambient and frozen foods, well-recognised under the ‘Margaret’s Country Kitchen’ brand. The acquisition of Binghams Food Ltd, supported by Shawbrook Bank, further expands Panicium’s presence in the market, providing growth opportunities for both the firm and the wider group.
Shawbrook were advised on the transaction by Rob Fawke at Gunnercooke in Manchester with Matt Beckley at the Manchester DTE team providing financial due diligence. Panicium were advised by Nigel Brown and Chris Lister at Gateley and Ben Bradley and Lauren Roberts from the Manchester team at HURST.
Peter Fields, director at Panicium Ltd, said: “We are delighted to expand our group and welcome aboard Binghams. With an impressive heritage, strong roots in Sheffield and a well-known reputation for producing high quality products, we are excited to take the business forward on its growth journey with the support of Shawbrook.
“It was clear from the outset that with a tight timeframe we required a lender who could work quickly to understand our needs whilst also providing a funding solution that gives us flexibility. The team at Shawbrook acted swiftly and with diligence to deliver exactly that.”
Shawbrook Bank provided a funding solution to support the acquisition, and were introduced by Ben Bradley of HURST.
Daniel Martin, senior director within Shawbrook Bank’s North West Corporate Lending team, said: “We’re very pleased to support Panicium’s strategy and further growth by delivering the funding needed to support the acquisition. By listening carefully to their vision, we quickly recognised the potential opportunities that could be unlocked with this pivotal moment in the growth journey of both Panicium and Binghams. An exciting future certainly lies ahead.”
Ben Bradley, Corporate Finance associate partner at HURST, commented: “Panicium’s latest acquisition complements the group’s strategy of consolidating successful family-owned artisan food producers and distributors in becoming a leading UK specialist food group. The group remains highly acquisitive and we look forward to working with management on the pipeline of targeted food brands with support from Shawbrook Bank.”
