LDC, a private equity firm part of Lloyds Banking Group, has exited its investment in Hill Biscuits by selling it to Cerealto UK, a portfolio company of Davidson Kempner Capital Management and Afendis Capital Management. Hill Biscuits, founded in 1855, is one of the UK's oldest and largest biscuit manufacturers, employing 350 staff and producing hundreds of millions of biscuits annually.

LDC partnered with Hill Biscuits in 2017 to support its organic growth strategy. During their seven-year partnership, Hill Biscuits more than doubled its revenues to over £40 million in 2024, with a 44% sales growth reported last year. The partnership also saw investments in new technology and people development to improve manufacturing efficiencies and increase capacity.

Cerealto, headquartered in Palencia, Spain, is an international manufacturer of biscuits, breakfast cereals, snacks, and pasta, with a UK factory in Worksop. Frank Bird, CEO of Hill Biscuits, expressed excitement about the acquisition, highlighting the potential to enhance capabilities and meet customer needs. He thanked LDC for their support in building a dedicated leadership team and fostering business growth.

Rob Powell, partner at LDC, praised Hill Biscuits for its impressive growth and quality products, expressing pride in supporting the business and wishing the team continued success. The deal was advised by Clearwater and Addleshaw Goddard.