The West Cornwall Pasty Co has been sold to Ginsters’ parent company for an undisclosed sum.
Investment fund Enact bought West Cornwall Pasty Co out of administration in April 2014, and since then has quadrupled profitability and undertaken a major overhaul of the brand.
It has now sold the business to Samworth Brothers, realising, it says, a 5.5x return for investors.
Chris Cormack, investment director at Enact, said: “Having been involved since our initial investment in West Cornwall Pasty Co we are delighted to have seen the transformation and growth of the business that has seen us exit to Samworth Brothers.
“We are incredibly proud of the work that has been done, initially to ensure the stability of the company in 2014, and since then to create a thriving business, capable of great things in the future. Chris Peck, Tony Keating and Leigh Dale have been an excellent management team that we have greatly enjoyed working with and we wish them all the best for the future.”
Samworth’s chief financial officer, Richard Armitage, commented: “We are delighted to be able to bring the West Cornwall Pasty Co into the Samworth Brothers family of companies.
“We are able to offer many opportunities for the future growth of the business and an exciting future for our new colleagues. Enact has done a great job of nurturing the business since 2014 and we are confident of being able to continue their good work.”