Birketts has advised the owners of premium milkshake company Shaken Udder on their recent investment from private equity firm LDC.
Shaken Udder, founded in Tiptree, Essex, by husband and wife team Andrew and Jodie Howie, has grown into one of the UK’s top milkshake brands since being founded in 2004. The pair now have sales of more than £20m a year and a range of products carried in some of the nation’s major supermarkets, including Tesco, Sainsbury’s, Asda, Morrisions and Waitrose. The business has also launched a dairy-free range of drinks, Shaken Other.
LDC is the mid-market private equity investment arm of Lloyd’s Banking Group, which has invested more than £5.5bn in more than 650 businesses in the last 40 years. The financial support of LDC comes with the additional insight of James Lambert OBE, founder of global ice cream manufacturer R&R ice cream, who joins the board of Shaken Udder as Non-executive Chair. LDC’s David Bains and Mark Howden will also join the board alongside Jodie and Andrew.
The Birketts team advising on this deal was led by Corporate Partners Adam Jones and Seamus Clifford, with support from Tom Utting (Corporate), Matthew Adamson (Commercial), Sian Kersse (Property), Karl Pocock (Tax) and Jonathan Insley (Employment).
Speaking after the deal, Jodie Howie said: “Myself, Andrew and our team have devoted ourselves to Shaken Udder and to see this hard work culminate in LDC’s investment is just wonderful. We are confident this step, along with the support of James, David and Mark will see us continue on this fantastic trajectory. We chose Birketts to advise us on this investment after years of excellent legal support during our recent rapid expansion. Their understanding of our business made this process so much easier. We’d like to thank the whole team for all their brilliant advice and look forward to working with them again in the future.”
Adam Jones said: “LDC have decades of experience supporting businesses like Shaken Udder, and this latest investment will undoubtedly help the business to expand even further, so we really must congratulate Jodie and Andrew. Private equity investments such as this are well understood by our Corporate Team, this being the latest in a large number of private equity deals that we have closed in recent years.”
Ed Savory, Head of Birketts’ Food Sector Team, added: “This is another transaction executed by Birketts which is a clear demonstration of our expertise in the food industry. East Anglia is a vibrant hub for exciting F&B brands such as Shaken Udder, and it is our deep knowledge in the sector which enables us to provide a next level service.”
The content of this article is for general information only. It is not, and should not be taken as, legal advice. If you require any further information in relation to this article please contact the author in the first instance. Law covered as at March 2022.