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Working together Leumi ABL and Bank Leumi (UK) sweeten Polestar Foods acquisition deal
In a deal completed in November 2009, Leumi ABL and its parent, Bank Leumi (UK) Plc, have together provided a range of acquisition and working capital facilities to a £50 million turnover manufacturer and distributor of frozen cakes, cheesecakes and desserts.
Polestar Foods Limited and its subsidiaries, Leamington Desserts Limited and Okehampton Desserts Limited, have acquired the non-branded frozen desserts business of HJ Heinz Frozen & Chilled Foods Limited. Polestar Foods supplies the major blue chip supermarkets in the UK and Ireland.
John Gibson, Chairman of Polestar, comments: “The directors of Polestar Foods are delighted to be working with Leumi ABL and Bank Leumi (UK) in financing this acquisition of Heinz’s frozen desserts operations. Working with robust and resilient processes, we have been impressed by Leumi’s flexible and responsive approach at all stages of the deal as all parties worked together effectively to tailor a package of facilities to fund the acquisition. We look forward to a long term relationship with Jason Holland and the Leumi team as they continue to support our plans.” Commenting on the joint transaction, Jason Holland, Leumi ABL Midlands Regional Director, adds: “Working collaboratively with Bank Leumi (UK), we have been able to structure a range of facilities to enable the acquisition of a well established business. Polestar has an exceptional management team with extensive industry experience and we look forward to supporting their ambitious growth plans.”
Leumi ABL and Bank Leumi (UK) were each advised by Hammonds.
Polestar Foods was legally represented by Linda Crow at Faegre and Benson.
In a deal completed in November 2009, Leumi ABL and its parent, Bank Leumi (UK) Plc, have together provided a range of acquisition and working capital facilities to a £50 million turnover manufacturer and distributor of frozen cakes, cheesecakes and desserts.
Polestar Foods Limited and its subsidiaries, Leamington Desserts Limited and Okehampton Desserts Limited, have acquired the non-branded frozen desserts business of HJ Heinz Frozen & Chilled Foods Limited. Polestar Foods supplies the major blue chip supermarkets in the UK and Ireland.
John Gibson, Chairman of Polestar, comments: “The directors of Polestar Foods are delighted to be working with Leumi ABL and Bank Leumi (UK) in financing this acquisition of Heinz’s frozen desserts operations. Working with robust and resilient processes, we have been impressed by Leumi’s flexible and responsive approach at all stages of the deal as all parties worked together effectively to tailor a package of facilities to fund the acquisition. We look forward to a long term relationship with Jason Holland and the Leumi team as they continue to support our plans.” Commenting on the joint transaction, Jason Holland, Leumi ABL Midlands Regional Director, adds: “Working collaboratively with Bank Leumi (UK), we have been able to structure a range of facilities to enable the acquisition of a well established business. Polestar has an exceptional management team with extensive industry experience and we look forward to supporting their ambitious growth plans.”
Leumi ABL and Bank Leumi (UK) were each advised by Hammonds.
Polestar Foods was legally represented by Linda Crow at Faegre and Benson.
