Previously known as Taunton Brands, the company was owned by a consortium of national and regional brewers. It was one of the UK’s two major cider producers and in May 1991 Cinven, together with other investors, supported a buyout of the business by its management team, strengthened by other directors. Taunton had previously achieved significant growth by introducing higher margin, premium products to the cider market.
Its entrepreneurial management was looking to repeat its success with a new range of innovative offerings. It had highly efficient production operations and the new ownership structure would enable it to distribute its products to major new customers.
Cinven supported this business and its management against a background of slow growth in the cider sector. However, the strategy pursued by the management of the business proved to be successful. In July 1992 the business was successfully floated on the London Stock Exchange.
Multiple returned on original investment: 3x