Bristol law firms TLT and Burges Salmon have advised on the £12m management buyout of leading healthy food-to-go retailer Vital Ingredient.
TLT worked with the management team on the buyout, which was backed by LDC, Lloyds Banking Group’s mid-market private equity firm, while Burges Salmon’s corporate finance team advised LDC on its £8m investment. 
Vital Ingredient was founded by Alex Heynes in London’s West End 15 years ago and has more than doubled turnover in the last three years to over £12m.
LDC is backing management to more than double the estate from 17 outlets in London to at least 35 across the UK within three years as demand for healthy grab-and-go meals increases.
The team includes managing director Paolo Peretti and finance director John Moulton with Graham Turner, ex-CEO of Tragus, joining the board as chairman.
The TLT team was led by corporate partner Jon Gill and corporate solicitor Thomas Rees.
Jon Gill said: “We were delighted to be able to support Alex, John, Paolo and Graham in securing this investment to enable them to deliver their plans for growth.
“The private equity market continues to be extremely active on a national scale, and investment propositions that follow trends such as healthy eating are particularly sought after. The transaction was a great fit with TLT’s experience in the retail sector and the wider private equity market, and we wish the team every success in their new partnership with LDC.”
The Burges Salmon team acted for LDC on its investment and for the buyout vehicle on the acquisition and banking aspects of the transaction.
Burges Salmon has significant expertise in the food and drink sector, giving specialist advice across the full spectrum of the food chain, including transactions involving Café Rouge, Loungers, Ministry of Cake and others.
Head of corporate finance, Richard Spink, said: “It was a real pleasure to work with the LDC team and management on this transaction. The Vital business is well set to grow rapidly over the next three years and we wish the management well in delivering that exciting growth strategy.”
