Exclusive Financial Adviser to Finsbury Food Group Plc on its Recommended Acquisition by DBAY Advisors

On 20 September 2023, DBAY Advisors Limited (“DBAY”) and Finsbury Food Group Plc (“Finsbury”) announced that they had reached agreement on the terms of a recommended acquisition to be made by funds managed by DBAY for Finsbury. Oppenheimer Europe Ltd. (“Oppenheimer”) acted as exclusive Rule 3 financial adviser to Finsbury.

The cash offer price of 110p per share values Finsbury’s equity at £143.4m and represents a premium of 54.9% to the closing price of 71p on 2 September 2022, being the day prior to the public disclosure of DBAY’s interest in Finsbury.

Commenting on the announcement, James Murray, Co-Head of European Consumer Investment Banking at Oppenheimer, said “We are delighted to have supported the Board of Finsbury to deliver shareholders with an accelerated, de-risked opportunity to realise their investment at an attractive premium. Finsbury is well-placed with DBAY to evaluate transformational opportunities in an industry which continues to consolidate in both the UK and Continental Europe.”

The transaction reinforces Oppenheimer’s position as a leading M&A adviser in the European consumer sector and in particular within the food & beverage sub-sector. This follows Oppenheimer advising Leprino Foods on its acquisition of Glanbia’s UK and European cheese business, Groupe Bel on the sale of its Leerdammer cheese business, and HEMA on the sale of its HEMA Bakeries division.

Finsbury is a leading UK and European manufacturer of cake and bread bakery goods, supplying a broad range of blue-chip customers within both the grocery retail and 'out of home eating' foodservice channels including major multiples and leading foodservice providers. The company is one of the largest specialty bakery groups in the UK offering a comprehensive product range of cakes, bread and morning goods. Finsbury had sales in the financial year ended 2 July 2023 exceeding £413 million.

Finsbury comprises a core UK Bakery division and an Overseas division:

• UK Bakery division has manufacturing sites in Cardiff, East Kilbride, Hamilton, Salisbury, Sheffield, Manchester, Pontypool and Coatbridge.
• Overseas division comprises the company's 85% owned company, Lightbody-Stretz Limited, which supplies and distributes Finsbury’s UK-manufactured products and third-party products, in Europe, and the company's manufacturing facilities in Rybarzowice and Żywiec in Poland.

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