National law firm TLT has advised LDC and the management team on the exit of Cakesmiths – a Bristol-based manufacturer and supplier of artisan cakes – to leading European player in frozen pastries and snacking products Onore (previously known as Boncolac).

LDC, the private equity investor which is part of Lloyds Banking Group, is a trusted investment partner for ambitious management teams across the UK. The firm has a successful track record in the consumer sector, having invested nearly £600m into more than 30 businesses across travel and leisure, food and drink and consumer goods since 2012.

TLT advised LDC on its investment in Cakesmiths in 2022 to back the management team’s ambitious growth strategy. During the two-year partnership, the business secured high-profile client wins, significantly upgraded its digital platforms to almost treble revenue and earnings before interest, taxes, depreciation, and amortisation (EBITDA), while investing heavily in headcount and operations.

The TLT deal team advised LDC and Cakesmiths management team on all legal aspects of the process and exit to Onore Food Group. The transaction was led by partner and head of corporate Andrew Webber, supported by Dan Whitewood, James Crotty and Irina Angliss.

Stefan Gunn, investment director at LDC commented: “Cakesmiths’ rapid growth is all down to the team’s passion for their cakes and commitment to innovation and service excellence. Together, we quickly identified the online platform as an essential channel to drive growth, and it’s wonderful to see it become an even more important part of the business’ offering, with almost 70% of Cakesmiths’ volumes being ordered online and delivered next day. It’s also been great to partner with the irrepressible Chris Ormrod again and also support a team based just down the road from our Bristol office. They are now ready to fly the flag for the city internationally, and we wish them every success.”


Andrew Webber, head of corporate at TLT said: “It’s been a pleasure to work with LDC and the Cakesmiths management team once again, supporting a very local business on another huge step on its growth strategy. It has been extremely rewarding for all of us to see how quickly such a good partnership can achieve stellar growth with a focused plan, which has resulted in a very positive outcome for all involved. We wish them all the best in their new partnership with Onore Food Group.”

The transaction is expected to complete in January 2024. TLT has an award-winning national corporate team. In the last twelve months, the team has completed over 70 UK-wide deals resulting in a 27% revenue growth in 2023 representing one of the busiest years on record for TLT’s corporate practice building on 12% revenue growth in 2022 and double-digit growth in each previous three years.

Date published

18 December 2023

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