Bradford-based crisp firm bought for £35m

Bradford-based Seabrook crisps has been snapped up in a management buyout, backed by the private equity arm of Lloyds Banking Group, for £35 million.

The family firm that employs 150 staff and supplies over 20 million bags of premium crisps a month, has been bought by its senior management and Lloyds' buyout arm LDC.

The firm, which makes ranges of crinkle cut, straight cut and hand-cooked lattice crisps, said it would use the extra investment the deal brought to boost product development and upgrade its factory facilities.

The business, which was established in 1945 by Charles Brook and his son Colin, will continue to be led by chief executive Johnathan Bye, who led the management buyout team.

It said it is growing sales at a rate of 14.5% a year, compared to the overall UK crisp market, which has grown at 4.2% a year since 2007. The UK crisp market is worth £1.1 billion annually.

The firm said it has grown its distribution among grocery retail outlets in recent years.

LDC and the management team bought the business from owner Ken Brook-Chrispin, who led a buyout of other family shareholders in 2006. LDC now takes a majority stake in the firm, while Mr Brook-Chrispin exits completely.

LDC will take up two seats on Seabrook's board, adding that a chairman will be appointed shortly.

LDC recently said it plans to invest £1.2bn over the next three years in UK mid-sized companies.