BP-PE5 L.L.C., an affiliate of the Boston-based investment manager Baupost Group, has sold 100% of its shareholding in Bakkavor Group to LongRange Capital Fund I, L.P.
Baupost Group's shareholding comprised 116,468,928 ordinary shares, representing 20.1% of the share capital in Bakkavor, the company noted.
Upon completion of the transaction, Bakkavor's relationship agreement with Baupost, dated 10 November 2017, will terminate, and Patrick Cook, Baupost's nominated representative to the company's board, will step down.
'A Supportive Shareholder'
Bakkavor chairperson Simon Burke said, "Baupost has been a supportive shareholder in Bakkavor over many years, and we wish them well.
"Patrick Cook was a very positive addition to our board, providing us with insight, good challenges, and constructive debate. I would like to thank him on behalf of all of us and wish him every success in the future."
Agreement With LongRange
Bakkavor has entered into an agreement with LongRange, which will regulate the relationship between the two companies.
The prepared foods firm also announced that Robert Berlin will step in as a non-independent non-executive director of its board, as LongRange's representative.
Bakkavor CEO Mike Edwards welcomed Berlin to the board, adding, "He has a deep understanding of our business, as well as our markets, and his experience will be invaluable as we continue to build positive momentum and deliver our strategic ambition."
Robert Berlin
Berlin previously served as a non-executive director of the company, from January 2016 until July 2018.
He boasts expertise in investments and strategic operations across the consumer goods, food, manufacturing, technology, and services sectors.
In addition, he has helped management teams drive value creation through investments in innovation, accretive capital investments, new commercial relationships, data and analytics, organisational change, and operational optimisation, the company added.
The company will release a trading update for full-year 2023 on 18 January 2024.
