Montagu Private Equity has today agreed to sell Marlow Foods, the manufacturer and distributor of the Quorn branded products to Premier Foods Plc for £172 million. 

Marlow Foods is the manufacturer and distributor of the Quorn branded range of healthy, meat alternative products. Based in Stokesley, North Yorkshire, and employing 360 people, Marlow Foods manufactures an extensive range of unique branded recipes in chilled and frozen formats, including ready meals, fillets, sausages, nuggets, grills, burgers, deli slices, pieces and mince.

Quorn is the leading European brand in the fast growing meat alternative market and had a turnover in 2004 of £79 million. Following the UK national launch in 1994, Quorn quickly became the UK's number one meat alternative brand and subsequently established and successfully grew international operations in several other European countries and more recently in the US.

The acquisition by Premier Foods places Quorn within a portfolio containing some of the nation's best known brands such as Ambrosia, Loyd Grossman, Typhoo, Hartley's and Branston. 

Montagu Private Equity bought Marlow Foods from AstraZeneca in May 2003 in a £70 million deal. During this two year investment period, the company has successfully extended the appeal of its brand to attract more healthy eating consumers. The company has significantly grown earnings and has paid off a substantial proportion of its bank debt.

Montagu Private Equity was advised by the Manchester teams of Rothschild and Eversheds.