ECI Partners has sold rhubarb Food Design Limited to Livingbridge
Lincoln International (“Lincoln”), a leading global mid-market investment bank, is delighted to have represented the shareholders of rhubarb Food Design Limited (“rhubarb”) in the sale of a majority stake in the business to Livingbridge EP LLP (“Livingbridge”). The sale represents a three-times return for ECI Partners LLP (“ECI Partners”) which invested in rhubarb in 2012.
rhubarb is a provider of premium food and beverage experiences across events and iconic locations, primarily in London and the South-East. Originally established in 1996 as an events business, rhubarb expanded its activities in 2003 to include the operation of lease and concession contracts at iconic, high footfall locations, initially by providing high-end catering at Ascot Racecourse.
Today, the company operates long-term contracts at venues including the Sky Garden at the “Walkie Talkie” building in London, the Royal Albert Hall and events at the Goodwood Estate. It also provides bespoke catering solutions at around 600 events per year for a broad range of clients, from high-profile charity galas for 2,000 guests to small, intimate dinners in country venues.
The senior management team, led by CEO P.B. Jacobse, has been in place for over 10 years and has taken revenue from c.£6 million in 2005 to c.£60 million in the current year. The investment from Livingbridge will help rhubarb’s continued growth across the U.K. and internationally with the overall aim of doubling in size in the next four years.
P.B. Jacobse, CEO at rhubarb, commented, “The Lincoln team were great to work with. They were true ambassadors for rhubarb in the market and understood us and our business really well. Their hard work was much appreciated and they were fun to deal with.”
Paul McCreadie, Partner at ECI Partners, said, “It has been a real pleasure working with the Lincoln team on rhubarb. They gelled really well with ECI and the management team and provided us with clear advice on how to position the business, engage with the buyers and run a highly competitive process.”
Lincoln acted as the exclusive financial advisor to the shareholders of rhubarb, working closely with ECI Partners and the management team. Lincoln provided guidance on strategic options, prepared the marketing materials and approached a targeted list of potential trade and private equity purchasers before managing a competitive auction process and negotiating final price and terms.
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