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.
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.