Private-equity investor Exponent to merge Proper, Eat Real snacks just-food.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from just-food.com Daily Mail and Mail on Sunday newspapers.
By Edward Devlin2021-01-22T09:02:00+00:00
PE firm Exponent has grabbed a majority stake in snack maker Proper to build a powerhouse competitor in the better-for-you snacking category.
A new company to combine Proper with its Eat Real brand will be created under a new joint CEO, The Grocer can reveal.
The deal, for an undisclosed price, is expected to complete in late February, with Chris Schulze-Melander, current CEO of Ecover maker People Against Dirty, leading the new company from the beginning of March.
Mike Hedges, former Tyrrells MD who joined Proper as CEO in 2018, will oversee the transition until the summer.
The Grocer of the Year: Tesco
Tesco UK CEO Jason Tarry spoke to The Grocer about the industry’s response to the pandemic
Tesco celebrated its 100th anniversary in 2019 with some eye-catching manoeuvres. But a century after founder Jack Cohen used his £30 demob money to forge the business, the year will also be remembered for the completion of a four-year turnaround under CEO Dave Lewis.
Its relentless focus on customers and back to basics approach – one Cohen would have admired – has seen the UK’s biggest retailer win back the loyalty and even the affection of customers, with a focus on value for money and loyalty, and crucially there was also a return for shareholders, with Tesco meeting its target to reach a 3.5%-4% margin six months ahead of schedule.