REG - Bakkavor Group PLC - Major Shareholder Change and Directorate Change

BakkavorAnnouncement

15/01/2024 07:30

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RNS Number : 6063Z  Bakkavor Group PLC  15 January 2024

 15 January 2024

 

Bakkavor Group plc (the 'Company' or 'Bakkavor')

 

Major Shareholder Change and Directorate Change

 

 

On 12 January 2024, the Company was informed that BP-PE5 L.L.C. (an affiliate
of the Baupost Group, "Baupost") had sold its entire shareholding of
116,468,928 ordinary shares (the "Shares"), representing 20.1% of the share
capital in the Company to LongRange Capital Fund I, L.P. and its affiliates
("LongRange", and with respect to the share sale, the "Transaction").

 

Founded in 2019, LongRange was formed to take a longer-term perspective to
investing and building middle market businesses through a company-focussed and
customer-first philosophy. LongRange has over $1.7 billion in assets under
management and employs a highly flexible and collaborative approach to
partnering with management and other stakeholders.

Effective upon completion of the Transaction (expected to be on or around 16
January 2024), the Company'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.

The Company has today entered into a relationship agreement with LongRange
("the Relationship Agreement") which will come into effect automatically upon
completion of the Transaction (expected to be on or around 16 January 2024).
The Relationship Agreement will regulate the ongoing relationship between the
Company and LongRange. The key terms of the Relationship Agreement will be
made available on the Company's investor relation website at
www.bakkavor.com/en/investors/shareholder-information
(http://www.bakkavor.com/en/investors/shareholder-information) .

Pursuant to the Relationship Agreement, the Company also announces that
Robert (Bob) Berlin will be appointed as a non-independent non-executive
Director of the Company's Board, as LongRange's representative, and such
appointment will also become effective upon completion of the Transaction.

Bob previously served as a non-executive Director of the Company, from January
2016 until July 2018.

Bob is a senior investment professional with investing and strategic operating
experience across the consumer goods, food, manufacturing, technology and
services sectors. 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.

Simon Burke, Chairman, 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, giving us insight, good challenge and
constructive debate.  I would like to thank him for this on behalf of us all
and wish him every success in the future".

"In the meantime, I am delighted to welcome back Bob Berlin.  He knows us and
our markets very well, and I look forward to the Board having the benefit of
his knowledge and energy once again."

 

Mike Edwards, CEO, said "I would like to extend a warm welcome to Bob Berlin,
who rejoins our Board representing LongRange. 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."

 

There are no further details to be disclosed pursuant to Listing Rule 9.6.13
in connection with Bob Berlin's appointment.

 

The Company will be issuing its scheduled FY23 Trading Update on
Thursday,18(th) of January 2024.

 

In accordance with section 430(2B) of the Companies Act 2006, no remuneration
payment or payment for loss of office will be made to Patrick Cook in
connection with the termination of his appointment.

 

 

ENQUIRIES

 Institutional investors and analysts:
 Ben Waldron, Chief Financial Officer                                    +44 (0) 20 7908 6114
 Annabel Tagoe-Bannerman, Group General Counsel & Company Secretary      +44 (0) 20 7908 6130

 

Financial media: bakkavor@mhpgroup.com (mailto:bakkavor@mhpgroup.com)
+44 (0) 3128 8100 / + 44 7884 494112

Katie Hunt, MHP
 

Rachel Farrington, MHP
 

Oliver Hughes, MHP
 

 

About Bakkavor

We are the leading provider of fresh prepared food ("FPF") in the UK, and our
presence in the US and China positions the Group well in these, high-growth
markets. We leverage our consumer insight and scale to provide innovative food
that offers quality, choice, convenience, and freshness. Over 18,500
colleagues operate from 44 sites across our three markets supplying a
portfolio of over 2,900 products across meals, pizza & bread, salads and
desserts to leading grocery retailers in the UK and US, and international food
brands in China.

LEI number: 213800COL7AD54YU9949

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