Addleshaw Goddard's Manchester Corporate team has advised B&M Stores ("B&M") on its acquisition of Heron Food Group ("Heron") for a total cash consideration of £152m.
Heron is a discount convenience retailer that employs 3,800 people and stocks around 1,200 convenience products, including ambient, frozen and chilled foods.
The acquisition of Heron enables B&M to develop and roll out a highly complementary, proven and profitable discount convenience format and brand. The customer profiles of Heron and B&M are similar and both formats are expanding successfully outside their heartland geographies as they open new stores across the country. B&M will continue to expand and develop the Heron business, initially through the addition of between 10 and 20 new units per annum.
The AG team was led by Partner Roger Hart, and included Oliver Hincks, Jo Cooper, Julie Hodkinson, Justine Delroy and Catherine Concannon.
AG's Corporate team has celebrated a strong pipeline of recent activity, having advised on a roster of key deals in a matter of weeks, including: IM-listed Premaitha Health plc's investment agreement with Thermo Fisher Scientific, Foresight's investment into Mowgli Street Food and LDC's exit from Creative Engagement.