The acquisition of Proper Cornish by a French group marks a significant step for the Bodmin-based company.
- Renowned law firm Clarke Willmott LLP provided expert legal counsel for the transaction.
- Proper Cornish, a leading producer of savoury pastry products, aims to expand its reach into European markets.
- The buyer, Boncolac Group, is supported by Waterland Private Equity and focuses on frozen sweet and savoury products.
- Chris Pauling, MD of Proper Cornish, expressed confidence that Boncolac is the right partner for growth.
In a notable business move, Proper Cornish has been acquired by a private equity-backed French organisation, marking a new chapter for the Bodmin-based producer of savoury pastries, notably pasties. This strategic acquisition is orchestrated by Boncolac Group, a company well-versed in the production of frozen baked goods, and is backed by Waterland Private Equity Investments.
Clarke Willmott LLP, renowned for their proficiency in corporate transactions, played a pivotal role by advising Proper Cornish throughout the sale process. This national law firm, with a significant presence across the UK, ensured a seamless legal journey, assisting Proper Cornish in navigating the complexities involved with such an international transaction.
Proper Cornish’s Managing Director, Chris Pauling, articulated the company’s aspirations post-acquisition: “Since 1988 we’ve worked hard to build Proper Cornish to where it is today, and we just know there is so much more potential.” With this sale, Proper Cornish aims to penetrate new European markets, leveraging Boncolac’s established network within the frozen food sector.
Boncolac, having recently attained full independence, harbours ambitions of becoming a pan-European leader in the frozen snacks and desserts industry. Their aspiration aligns with the growth objectives of Proper Cornish, making this acquisition mutually beneficial.
Chris Pauling further acknowledged the adept handling of the legal intricacies by Clarke Willmott, stating, “We were very pleased with Clarke Willmott, who provided a very proficient and smooth legal process throughout, getting a complex transaction completed with the minimum of fuss.”
The acquisition is poised to enhance Proper Cornish’s market presence in Europe, aligning with both companies’ growth ambitions.
