Case Studies
IN FOCUS Strategy
- Strategy
Evaluation of novel plant-based ingredient
Evaluated the market potential for a new plant-based ingredient.
Case study - M&A
Arivia (Violife)
Food Strategy Associates provided buy-side commercial and operational due diligence.
Case study - M&A
Due Diligence – Baked Goods and Gluten Free Bakery
Food Strategy Associates provided commercial and operational due diligence in our client’s evaluation of baked goods and gluten-free company
Case study - M&A
Investment in Amidori
We advised Amidori on a fund-raising process, provided support to the management and prepared key vendor documents.
Case study
- M&A
Due Diligence – Biscuits
The target had a portfolio with some of the most recognisable savoury snacks brands in the UK,
Case study - M&A
Acquisition of Isla Delice
For Perwyn a Private Equity fund we advised on the acquisition of Isla Delice, a market leader in the French Halal charcuterie market
Case study
- Strategy
Evaluation of market regulation in UK confectionery
FSA advised a major US private equity client on a potential confectionery acquisition.
Case study - Strategy
Strategy Support for Spice
FSA developed a new strategic framework and brand positioning for a recently acquired ambient grocery business combining the strengths of the original business with the capabilities of the parent to be communicated to all stakeholders.
Case study - M&A
Commercial Due Diligence – Confectionery tray packaging
Our client was a major player in a range of European food packaging markets and considering entry
Case study - Strategy
Diversification from fresh produce
Evaluation of diversification options and market entry strategies for a fresh produce supplier
Case study - Strategy
Market sector entry strategy
Evaluation of the market for food-to-go packaging in Northern Europe. We were engaged by the CEO of a €400m packaging company interested in growing their share of packaging in Northern Europe by going into the Food to Go segment.
Case study - M&A
Northumbrian Fine Foods
For a UK PE House, we evaluated the potential acquisition of Northumbrian Fine Foods, the UK market leader in gluten-free biscuits.
Case study
- M&A
Evaluation of Freshcut Foods
Buy-side commercial due diligence of a Freshcut Foods
Case study
- M&A
Acquisition of CGL Pack
Faerchplast is a world leader in cPET packaging for ready meals and a major player in PET
Case study
- M&A
Emergency Fund Raise
Commercial due diligence of a soft drinks producer on behalf of investors considering extending emergency funding
Case study - Strategy
German based meat substitutes business
Review of the business operations and strategy for an early stage meat analogue business and recommendation on market and product prioritisation and branding strategy
Case study - M&A
Buy-side due diligence on a world leader in plant-based meat alternatives
We were appointed to conduct buy-side operational and commercial due diligence on a world leader in plant-based meat alternatives
Case study - M&A
Commercial due diligence of Culpitt, part of the DecoPac acquisition
Food Strategy Associates were asked to provide due diligence of the European subsidiary, Culpitt
Case study - Strategy
Strategy development for a leading Southern European branded food manufacturer
For a Leader in European ambient grocery, evaluation of long term trends across European food markets.
Case study - M&A
Acquisition of Faerch Plast
Advent International is one of the largest and most experienced private equity investors. It was considering an
Case study 
- Strategy
Operational strategy for a Southern European biscuit manufacturer
Review of a snackfood business’ factory and logistics operations to identify operational improvements – cost, recipe and quality.
Case study - M&A
Commercial Buy-side due diligence: Seabrooks
Food Strategy Associates were appointed by a private equity firm to conduct buy-side commercial due diligence of Seabrooks crisps
Case study - M&A
Commercial Due Diligence of Grenade
Food Strategy Associates were appointed by a private equity firm to conduct commercial due diligence of Grenade, a high protein bar and performance nutrition manufacturer
Case study - M&A
Acquisition of Addo Foods
UK-based assignment focussed on Addo Foods and its markets of Chilled Savoury Pastry categories including hot and
Case study
- M&A
Evaluation of Continental Foods
An evaluation of Continental Foods on behalf of a strategic competitor considering an acquisition of the business prior to a sale process.
Case study - M&A
Hill Biscuits
For LDC, FSA undertook commercial due diligence of Hill Biscuits and developed an Operational Improvement Plan with management to enhance business performance.
Case study
- M&A
Evaluation of Petainer
Buy-side commercial due diligence of Petainer for a PE fund. Focused on beverage reusable and single use bottles and plastic beer kegs.
Case study
- M&A
Sale of LINPAC
We were engaged by the CEO of LINPAC, a multinational food packaging group to prepare a vendor due diligence report on the commercial outlook for the business to support the sale of the company
Case study
- M&A
Kolak
Commercial and Operational Due Diligence of Kolak Snacks on behalf of Europe Snacks and Apax France
Case study
- Strategy
Market opportunities – UK Halal Meat
A review of the market structure of UK halal meat and assessment of market opportunities
Case study - Strategy
North American Market Entry
Market entry strategy for PET trays in North American meat packaging market.
Case study - M&A
Vendor due diligence for €150m Term Loan B
We were engaged by the CEO of a major UK based multinational food packaging group to prepare a vendor due diligence report on the commercial outlook for the business to support the issue of a Term Loan as part of a financial restructuring.
Case study - M&A
Dorset Village Bakery (Fudges)
Commercial and operational due diligence of Dorset Village Bakery, owner of the premium biscuit brand Thomas J Fudges (Fudges)
Case study
- M&A
Continental Bakeries
Food Strategy Associates provided full Commercial and Operational due diligence leading to Goldman Sachs’ acquisition of Continental Bakeries, Europe’s leading Private Label biscuits supplier.
Case study
- Strategy
France, Italy and Poland protein packaging market review and strategy development
We were engaged by the CEO of a €500m UK based food packaging group to support the French subsidiary in understanding the trends impacting its markets, the views of customers on the competitive dynamics in the market and to work with management to develop a strategy for the business.
Case study - Strategy
Evaluation of Halal meat markets
Food Strategy Associates worked with a meat processor to assess the opportunity for halal meat within the UK grocery market.
Case study - Strategy
Plastic Packaging Strategy Workshop
Food Strategy Associates were appointed to facilitate a strategy workshop for the management executive team of LINPAC, European plastic packaging manufacturer
Case study - Strategy
Growth strategy for savoury biscuits
Development of a brand and product strategy for a leading UK biscuit company in savoury biscuits segments
Case study - M&A
Commercial Vendor Due Diligence, Seabrooks Crisps
For Seabrooks Crisps we provided commercial vendor due diligence and subsequent operations and logistics due diligence to support a sale process
Case study - Strategy
Strategy Workshop for an early stage business
The business operates in the juice category and offers a unique branded product range at the premium end of the market.
Case study - M&A
Natural Balanced Foods (Nak’d)
UK Healthy Snacking Market Assessment and Commercial & Operational Due Diligence of Natural Balance Foods
Case study
- M&A
Marlow Foods Ltd (Quorn)
Food Strategy Associates provided an assessment of the global meat-free market and an outside-in assessment of the Quorn business.
Case study
- Strategy
Duerrs
A commercial and operational review of the business and strategy of the Duerr’s spreads business and evaluation of strategic options
Case study - M&A
Operational Due Diligence of Genius gluten-free bread business
Food Strategy Associates provided operational due diligence for Verlinvest on Genius, a gluten-free bread business
Case study - M&A
Hovis
Food Strategy Associates provided operational due diligence to The Gores Group in their acquisition of a majority stake in Hovis, the UK’s leading bread baker
Case study
- M&A
Commercial Due Diligence – Salty Snacks
We provided commercial due diligence support for Verlinvest, a Belgian private equity company and major shareholder in PopChips to support their evaluation of Tyrrells, the UK premium potato crisp manufacturer.
Case study - M&A
Burtons Biscuit Co.
We provided commercial and operational due diligence for a private equity bidder in the Burtons Biscuits sale process.
Case study - M&A
Continental Foods (formerly Campbell Soup Europe)
Food Strategy Associates provided commercial and operational advice to CVC in their acquisition of Continental Foods from Campbell Soup Company
Case study
- M&A
Disposal Project Management
Project-managed the disposal of the largest division of a public company. Acting for the CEO, led the preparation of VDD reports, data rooms and commercial due diligence reports, managed the process of buy-side Q&A, co-ordinated advisors.
Case study - Strategy
Post launch brand assessment
A critique of a brand launch in savoury snacking and recommendation on future strategy.
Case study - Strategy
For a leading US based biscuit manufacturer
For a US based biscuit player, an evaluation of the European market and assessment of entry options into European biscuits
Case study - M&A
Outside-in look at Sharwood’s
Food Strategy Associates provided an outside-in view of Sharwood’s as a potential acquisition candidate
Case study - Strategy
Outside-in assessment of a major ambient foods PLC
Food Strategy Associates were appointed by a hedge fund to try and understand whether a major ambient foods PLC was an interesting acquisition
Case study - M&A
Commercial due diligence of KP Snacks
Food Strategy Associates provided commercial due diligence for Verlinvest in their evaluation of the acquisition of KP Snacks from United Biscuits
Case study
- M&A
Due Diligence of Tyrrells Crisps
FSA provided commercial and operational due diligence for Verlinvest, private equity
Case study