Bernard Matthews Ltd., the largest commercial turkey producer in the UK, has secured an investment from Rutland Partners to support the growth and development of the business. As part of the deal, Rutland Partners, which specializes in turnaround and restructuring investors, will provide needed capital and two people to serve on Bernard Matthews' holdings board.
"We are delighted with the new partnership and warmly welcome Rutland Partners to the business," said David Joll, executive chairman of Bernard Matthews. "It has been well documented that we have been looking into a range of funding options to help develop the business, but we wanted a partner who understood the company and were committed to helping us grow. Rutland Partners fit this model perfectly, as from the outset they have seen real potential in the business. They also share our commitment to the importance of our farming heritage in Norfolk, Suffolk and Lincolnshire, our staff and to the brand, which has always been at the heart of the company."
Joll will remain as the executive chairman of the company, which processes about 7 million turkeys annually.
Bernard Matthews did not release the amount invested, but according to news reports, Rutland Partners is investing beyond £20 million (US$31.3 million).
"We are excited to be investing in the leading turkey producer in the UK, which has such a widely recognized brand," said Rutland Partners spokesman David Wingfield. "We have been impressed by the energy and passion of the team at all levels of the business and are looking forward to the prospect of working with them under David's leadership to enable the business to reach its full potential."