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Gresham Private Equity looks to exit West Cornwall Pasty Company

16 Dec 2013

UK mid-market firm Gresham Private Equity is seeking to exit restaurant chain West Cornwall Pasty Company, The Sunday Times has reported.

The firm has hired BDO to conduct a strategic review of the company with a view to a potential sale.The fast food chain could sell for around £30m, the report said.

Gresham acquired West Cornwall in 2007, leading a management buyout by CEO Richard Nieto and finance director Patrick Magrath. The company operates 70 stores throughout the UK, selling over eight million pies a year. Since the acquisition the company has acquired 21 new units.

Gresham recently exited its investment in Swift Worldwide Resources, which it sold to fellow private equity firm Wellspring Capital Management.

In July AltAssets reported that the firm had lost five of its partners with Anthony Bull, Mark Blower, Mike O’Brien, Andy Tupholme and Gary Ward all departing the business.  The firm was said to be looking at launching its fifth buyout fund next year following discussions with its limited partners.

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