A Black Country company which supplies meals to schools has undergone a £11 million management buyout backed by Key Capital Partners (KCP).
The private equity firm has invested £5.2 million into Oldbury-based Alliance in Partnership (AiP) to take a majority stake alongside the management team of Angela Austin, Sally Tyson, Paul Rogers and managing director David Weller.
Senior debt facilities have been provided by Ian Mansell and Ian Howey from the Yorkshire Bank acquisition finance team in Birmingham.
Established in 1998, AiP is a specialist educational catering provider, operating more than 170 school catering contracts and feeding more than 35,000 pupils per day across central England and West London.
It has sales of over £14 million, employing circa 800 people, and this deal will support its plans to expand its contract portfolio.
Mr Weller said: "As a team, we have always had progressive development objectives and high customer merits.
"Through this development, we are able to accelerate our growth plans and concentrate our efforts on core values of quality varied meals, local ingredients and working towards achieving excellence in food accreditations.
"Key Capital Partners share our vision for growth whilst maintaining the foundations of quality and excellent customer service on which the company's success has been built.
"Working with KCP on the deal has made us feel they are already part of the team and we look forward to a fruitful relationship with them."
Law firm Shakespeares advised the management team at AiP, having been a client since 2007.
Corporate partner Keith Spedding led the deal alongside David Sauvain on the corporate side and employment partner Michael Hibbs.
Mr Spedding added: "It's great to back an already successful company move onto its next stage in growth. We look forward to working with David and his great team in the future."
KCP's investment director Richard Thomas said: "David and his team have consistently grown the business year on year based on their unwavering focus on delivering high quality, nutritious meals at guaranteed costs.
"We look forward to working with them to continue to grow and develop the business."
KCP was advised by corporate lawyers Peter McLintock and Ryan Hawley at Mills and Reeve, while Roger Penney, of RPL, provided commercial due diligence.
David Neate, of Springboard Corporate Finance, and, David Doogan at Pinsent Masons advised the Bank. Baker Tilly provided financial due diligence services.