Eight Advisory provided financial & tax due diligence services to Cerealto UK as part of its acquisition of Hill Biscuits

Hill Biscuits, a portfolio company of LDC, was founded in 1855 and is based in Ashton-under-Lyne, UK. It is a leading manufacturer of private label and branded biscuits. The company has a broad product portfolio that includes iconic biscuits such as Bourbons, Custard Creams and Digestives. With over 350 employees, the company manufactures and distributes from its own factory, in Ashton-under-Lyne to retail and foodservice customers across the UK and Ireland. Alongside Cerealto, the combined group will be a leading player in the UK biscuit market with a broad and complementary product portfolio. 

Cerealto, headquartered in Venta de Baños, Spain, is a leading pan-European contract manufacturer of biscuits, rice and corn cakes, and cereal bars. With a presence in over 50 countries, Cerealto manufactures its products in its own plants in Spain, Italy, the UK, Portugal and Mexico. Since 2016 Cerealto has been present in the UK biscuit market, with its production facility in Worksop. 

Davidson Kempner Capital Management, headquartered in New York, USA, is a global investment management firm with over 500 employees across seven offices in Europe, Asia and the USA, with over $37 billion in assets under management. 

Afendis Capital Management is a specialised investor and asset manager of European food and pharmaceutical businesses. 

Eight Advisory team members supporting this transaction:  

• Financial due diligence: Jonathan Broom (Partner), William Doyle (Director), Jamie Elder (Manager) 

• Tax due diligence: Dean Lake (Partner), Shivani Maru (Manager), Max Muhona (Senior)