Posted Sunday 1st April 2018
Leading London law firm, Joelson, has assisted the Eid family, the owners of award-winning Signature Flatbreads, with the buy out of their joint venture partner Aryzta.
The family-owned business was set up by Samir Eid in 1984 under the name Honeytop Speciality Foods.
It was then passed on to his sons William and Charles, before being acquired by food specialist Aryzta, behind brands such as Cuisine de France in 2011.
Joelson advised the Eid family on a joint venture with Aryzta, creating Signature Flatbreads in 2015 – which was developed by combining the UK business known as Honeytop and the Indian business of Signature.
As part of a redirection of its organisation, Aryzta is now exiting its non-core businesses to concentrate on its frozen B2B bakery operations.
This has given the Eid family the perfect opportunity to acquire Aryzta’s 50 per cent shareholding in Signature Flatbreads with the help of the Corporate team at Joelson.
Signature Flatbreads now has plans to grow the market for authentic chapattis in the UK and continental Europe by supplying goods prepared by its UK and Indian businesses alongside the other products prepared at its UK site in Dunstable.
Speaking about their work with Joelson, William Eid said: ““My sincere thanks to the Joelson team for helping us through another successful transaction. We had to work against a very tight timetable and a great deal of effort was required to see the buyback, internal reorganisation and refinancing aspects of the transaction through.
“The team at Joelson provided pragmatic advice and managed the whole process with a great attitude. We have worked with the team at Joelson since our original Joint Venture with Aryzta they have become a trusted adviser to the business and the family over the last few years and we would highly recommend them.”
Joelson has worked with the Eid family since 2014, putting them in the ideal position to help with the latest deal.
Corporate Partner Phil Hails-Smith led the Joelson team, supported by fellow Corporate Partner David Grossbard and Associate Christia Malaktou.
Phil Hails-Smith said: “We are delighted to have assisted William and Charles since the original Signature Flatbreads Joint Venture. We have assisted the business since that time and are so glad to have supported it during this very successful period of growth in both the UK and India since the formation of the joint venture with Aryzta.
“We are so pleased to have completed this transaction for the Eid family alongside a refinance of the business in a very short time frame and look forward to continuing to support the family and the business now that it is fully back under the family’s control.
“We would like to wish them the best of luck as they look to diversify their offering on the UK baked goods market. This underpins one of our core values of supporting entrepreneurs to grow their businesses both in the UK and internationally.”
This article is for reference purposes only. It does not constitute legal advice and should not be relied upon as such. Specific legal advice about your specific circumstances should always be sought separately before taking or deciding not to take any action.