Partner Article

Yorkshire advisers complete major cross border deal

The Leeds offices of International Accountancy firm Mazars and law firm Squire Patton Boggs have advised on the sale of Glasgow based Scotch Frost of Glasgow Ltd to Japanese headquartered agricultural cooperative Zen-Noh.

Acquired for an undisclosed sum, Scotch Frost of Glasgow was established in 1967 and is credited as being one of the longest established suppliers to the UK’s specialist ethnic food sector. The company is a leading importer and distributor of frozen, fresh and ambient food products, drinks and packaging, from Europe, Asia, Australia, Africa, New Zealand and South America, with a product range in excess of 1,000 lines. Based in Glasgow, the business also operates sites in Inverness, Newcastle, Harlow and Dublin, generating annual turnover of around £55 million.

Zen-Noh, a federation of agricultural cooperatives in Japan, is a supplier of fresh, Japanese produced agricultural and livestock products to consumers, and is one of the world’s largest importers of animal feeds and agricultural fertilizers. Zen-Noh’s combined revenue is in excess of £38.7 billion.

Scotch Frost of Glasgow vendors Derek and Adrian Louden will remain working within the business following the acquisition to continue to develop the business.

Derek Louden said: “Having the backing of the Zen-Noh cooperative will give Scotch Frost the platform to further increase our presence in the UK whilst also providing Zen-Noh access to a comprehensive distribution network and a route to market for its high end products in the UK. The completion of the transaction marks a strategic acquisition for Zen-Noh, and we wouldn’t have been able to locate this buyer without the help of Mazars”.

Scotch Frost of Glasgow was supported throughout the transaction by the team of Yorkshire based advisors. Corporate finance advice was provided by Corporate Finance Partner Rob Burton and Corporate Finance Executive Stephen Nagle from the Mazars Leeds office, whilst legal advice was provided by Corporate Partner Paul Mann and Corporate Associate Louisa Hine from Squire Patton Boggs.

Rob Burton, Corporate Finance Partner at Mazars, said: “Scotch Frost has a great reputation as one of the UK’s leading suppliers to the UK’s specialist ethnic food sector and has a bright future as part of the Zen-Noh cooperative, underpinned by great customers. This deal represents one of a number of deals we have completed this year involving overseas buyers.”

Louisa Hine, Corporate Associate at Squire Patton Boggs, commented: “These are exciting times for the new business. Scotch Frost is the first international distributor acquired by Zen-Noh, which has ambitious plans to increase exports to Europe and grow its business worldwide. We are very pleased that the international experience of Leeds advisers has helped to support the successful completion of this transaction and we wish the management team the very best for the future.”

This was posted in Bdaily's Members' News section by Caroline Marsden .