Detroit (Vocus) June 10, 2010
Beringea has sold its stake in premium organic baby food purveyor Plum Baby to Darwin Private Equity. Terms of the sale were not disclosed.
The company, founded in 2006 by former chef and mother of three Susie Willis, pioneered the premium baby food sector in the United Kingdom and has witnessed dramatic year-on-year growth. Its award-winning range of over 50 products, created with the ethos of “real food for babies, not just baby food,” is distributed in all major British supermarkets and includes baby food puree pots, purees in pouches, baby cereals, fromage frais and baby biscuits and snacks.
Our investment in Plum has been a rewarding one. Under the leadership of a strong, dynamic management team the company is now in a market-leading position, ” said Karen McCormick, investment director at Beringea. “I am delighted that Darwins purchase of Plum will enable the company to move forward to its next stage of growth and that we have been able to realize a profitable exit for our shareholders.
The initial investment in Plum Baby was made in 2007 by Beringeas ProVen Health Venture Capital Trust fund.
Beringea is an international private equity and investment banking firm with offices in Detroit, London and Shanghai. Beringea’s funds invest in a range of small- to medium-sized companies with the potential for high growth and strong returns for investors. Beringea is the manager of funds, including the InvestMichigan! Growth Capital Fund, InvestCare Partners, Global Rights Fund II and the ProVen family of venture capital trusts. For more information, visit http://www.beringea.com.