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Business advisory firm Quantuma has advised the shareholders of Cornwall-based food manufacturer, Proper Cornish on its sale to French quality food producer, Boncolac.

Founded in 1988, Proper Cornish is a high-performing and dynamic manufacturer of frozen, savoury pastry products based in Cornwall, with state-of-the-art infrastructure, a loyal and diverse customer base and a clear plan to continue its excellent growth trajectory. Specialising in Cornish Pasties, the business has an extremely strong position in the UK market and a differentiated positioning around quality, authenticity, and sustainability.

Quantuma managing director and Corporate Finance lead, Mark Lucas led the sales process on behalf of the shareholders and was supported by associate director, George Jackson. Quantuma’s team advised the shareholders on the development of the business plan and undertook a strategic marketing process that identified Boncolac as the right buyer to help accelerate growth, retain the brand and its entrepreneurial ethos.

Boncolac Group is a leading French frozen sweet and savoury baked products manufacturer with a diversified product portfolio, entrenched international commercial relationships and a highly dynamic and profitable macarons division.

Boncolac Group is backed by Waterland Private Equity Investments.

Proper Cornish CEO, Chris Pauling said, “Mark, George and the Quantuma team were simply brilliant to work with. They were an exceptional support through every stage of the process and made our job easy.

“They clearly understood our business and the market, which was reflected in the expertly written and designed marketing materials and their ability to generate lots of interest from potential buyers. They were on the front foot throughout and were instrumental in finding the best price and home for our business and getting the deal done.

I’d thoroughly recommend them to any entrepreneur looking to raise investment or sell a business!”

Lead adviser and Quantuma Corporate Finance lead, Mark Lucas said, “This transaction delivers continuity for Proper Cornish as part of the Boncolac Group, an ambitious Pan European buy-and-build project, and allows the Sellers to secure the shareholder value created by Proper Cornish’s growth trajectory and investments.

The acquisition offers Boncolac clear commercial synergies through various cross-selling opportunities and establishes a strong presence in the UK market.

The Quantuma team is delighted to have advised Chris and Gerald on the sale of Proper Cornish. They have built an absolutely fantastic business, which has found a great home to continue its journey in the Boncolac Group.”