First Milk Cooperative Acquires BV Dairy in Bid to Preserve Heritage and Legacy
Source: The DairyNews
BV Dairy, a family-owned business based in Shaftesbury since 1958, has been successfully acquired by the farmer-owned cooperative First Milk.
The acquisition, facilitated by PKF Francis Clark through a meticulous bidding process, marks a significant transition for BV Dairy, known for producing soft cheese, yoghurt, clotted cream, and gut health dairy products.
Jim Highnam, the current Managing Director of BV Dairy and a representative of the third generation in the family business, expressed satisfaction with the support provided by PKF Francis Clark throughout the sale process. With over 40 million litres of milk sourced annually from local farms within a 30-mile radius, BV Dairy has been a staple in the dairy industry.
The decision to sell arose as Jim Highnam considered retirement, and with no clear successor within the family, the shareholders sought a buyer who would uphold the business's heritage and legacy. PKF Francis Clark's corporate finance team, led by Chris Potts, played a crucial role in identifying First Milk as the right buyer to carry on the BV Dairy legacy.
Chris Potts, Corporate Finance Director, highlighted the importance of finding a buyer aligned with the family business values, emphasizing that the deal's success goes beyond the financial aspect. The cooperative structure of First Milk and the family trust ownership of BV Dairy added interesting dimensions to the acquisition.
Shelagh Hancock, Chief Executive of First Milk, expressed delight in completing the acquisition and welcomed BV Dairy into the First Milk family. The shared values of both entities, including a focus on people and community, environmental performance, exceptional quality, and long-term value creation, set the stage for continued success.
The acquisition not only secures the future of BV Dairy but also highlights the collaborative effort between stakeholders to ensure a smooth transition. The deal involved addressing complexities related to deal structuring and key customer contracts, all successfully resolved through the collective efforts of those involved.
As BV Dairy enters a new chapter under the ownership of First Milk, the move underscores the cooperative's commitment to preserving the heritage and values of a long-established family business.
Jim Highnam, the current Managing Director of BV Dairy and a representative of the third generation in the family business, expressed satisfaction with the support provided by PKF Francis Clark throughout the sale process. With over 40 million litres of milk sourced annually from local farms within a 30-mile radius, BV Dairy has been a staple in the dairy industry.
The decision to sell arose as Jim Highnam considered retirement, and with no clear successor within the family, the shareholders sought a buyer who would uphold the business's heritage and legacy. PKF Francis Clark's corporate finance team, led by Chris Potts, played a crucial role in identifying First Milk as the right buyer to carry on the BV Dairy legacy.
Chris Potts, Corporate Finance Director, highlighted the importance of finding a buyer aligned with the family business values, emphasizing that the deal's success goes beyond the financial aspect. The cooperative structure of First Milk and the family trust ownership of BV Dairy added interesting dimensions to the acquisition.
Shelagh Hancock, Chief Executive of First Milk, expressed delight in completing the acquisition and welcomed BV Dairy into the First Milk family. The shared values of both entities, including a focus on people and community, environmental performance, exceptional quality, and long-term value creation, set the stage for continued success.
The acquisition not only secures the future of BV Dairy but also highlights the collaborative effort between stakeholders to ensure a smooth transition. The deal involved addressing complexities related to deal structuring and key customer contracts, all successfully resolved through the collective efforts of those involved.
As BV Dairy enters a new chapter under the ownership of First Milk, the move underscores the cooperative's commitment to preserving the heritage and values of a long-established family business.
