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Inflexion Private Equity leads the MBO of Ilchester Cheese Company

Inflexion Private Equity, the mid-market private equity investor, announces today that it has led the buyout of Ilchester Cheese Company Ltd (“Ilchester”), a leading speciality cheese producer.

Ilchester is the UK market leader having founded the blended cheese market in the early 1960s. Ilchester produces three of the top five brands, being Applewood, Mexicana and Five Counties and enjoys a commanding market share. Consumers are increasingly moving to blended cheeses and the market has grown by some 24% in the last year.

Funds managed by Inflexion have invested approximately £5 million through a combination of ordinary shares and loan notes. The management team has also invested significantly, and Singer & Friedlander provided the senior debt and mezzanine finance package.

John Hartz, Managing Partner of Inflexion Private Equity, said:

“Ilchester is the founder and clear market leader in an interesting sector with strong growth characteristics. This is a good opportunity for Inflexion to invest at a critical point in Ilchester’s development and we look forward to working with the management to secure future growth.”

Melvyn Glynn, Director of Ilchester Cheese Company said,

“Inflexion is an ideal partner for the next stage of our growth. They have shown great understanding of the opportunity, and also a determination to execute a swift, focussed buyout. Ilchester is well placed to take advantage of the consumer’s increasing taste for blended cheese both in the UK and in our export markets.”

John Hartz and Christian Hamilton from Inflexion will join the Board of Ilchester.