LONDON, England — NBGI Private Equity Ltd. has acquired Devon-based foodservice company Pasta King, as part of a $23-million management buy-in.
Pasta King is one of the UK’s developing meal solutions providers for secondary schools, universities and offices. The Pasta King pasta bars offer noodles and fresh sauces that meet government standards on salt, fat, fibre and vegetable content. NBGI is backing Howard Farquhar and Mike Cole as Pasta King’s new managing director and chairman, respectively.
“Pasta King has a very strong position in secondary schools. We want to build on that with improved merchandising, marketing and product development not only for further growth in the education sector but also to significantly increase our presence in other markets,” said Farquhar.
Sue Davenport, the company’s chief executive, has sold her stake of around 40 per cent in the business as part of the company’s departure from existing equity partner Matrix Private. She is rumoured to have left with a $3.5-million payout.