Food producer Cranswick has sold its subsidiaries, Cranswick Pet Products (CPP) and Tropical Marine Centre (TMC), as part of a management buy-out backed by Lloyds TSB Development Capital for £17 million. 

Food producer Cranswick has sold its subsidiaries, Cranswick Pet Products (CPP) and Tropical Marine Centre (TMC), as part of a management buy-out backed by Lloyds TSB Development Capital for £17 million.

The management buy-out team comprises main board director Derek Black, TMC managing director Paul West and other members of the management teams. The deal is expected to complete by Friday 24 April 2009.

The deal comes shortly after the acquisition of pork processing business Bowes of Norfolk. Martin Davey, Cranswick chairman, said: “Cranswick is now wholly focused on its food activities and will continue with its strategy to grow both organically and through acquisition, as demonstrated by the recently announced acquisition of Bowes.”

In the six months ended 31 September 2008, Cranswick reported an increase in turnover of nine per cent to £321.2 million, with a five per cent increase in pre-tax profits to £18.5 million.