Private equity house Foresight Group has backed Scottish food manufacturer Strathmore Foods, supporting the company’s plans to expand across retail, foodservice and contract manufacturing.
Based in Forfar, Strathmore produces branded and private-label chilled and frozen convenience food products, supplying major UK retailers with brands including McIntosh of Strathmore, Scotland’s leading chilled ready meal brand, and Craft Mac and Co. Founded in 1973, the business employs more than 115 people and produces 15 million meals each year.
The investment, made alongside existing shareholders, will support further development of the company’s market position and provide funding to pursue new growth opportunities across the food supply market.
Neil MacRae, former sales director, has been appointed managing director and will oversee the business’s next phase of growth. Foresight has also introduced Mark Steven, former managing director of Highland Spring, as chair.
Julie Nisbet, director of Strathmore Foods, said: “Strathmore Foods has been at the heart of our family for many years, and we are incredibly proud of the business we have built alongside our employees, customers and suppliers.
“As we enter this exciting new chapter, we are delighted to welcome Foresight as our investment partner while retaining a minority shareholding in the Company. Most importantly, this partnership creates opportunities to invest further in our people, our customers and our capabilities, ensuring Strathmore Foods remains a leading food solutions provider, renowned for quality, innovation and service, for many years to come."
Neil MacRae, managing director of Strathmore Foods, said: “Strathmore has built an outstanding reputation for quality, innovation and customer service over more than 50 years. With Foresight’s support, we look forward to continuing that heritage while investing in new growth opportunities across retail, foodservice and contract manufacturing.”
Ryan Finesy, senior investment manager at Foresight Group, said: “Strathmore is a high-quality food manufacturing business with a leading position in the Scottish ready meal market, longstanding customer relationships and a strong track record of profitability. We are delighted to support Neil and the wider management team as they build on the Company’s strong foundations and execute the next phase of growth.”
