Livingstone Talks Turkey in Food Sector M&A

  • mar. 2007

London investment banking boutique Livingstone has boosted its
growing panel of industry advisers with the arrival of Peter
McPhillips.

After an initial career in retail, Peter moved into marketing and
senior management for a series of food manufacturers. In 1989, he
was approached by Hillsdown Holdings to set up a new division for
value-added poultry. Following this business’s acquisition by
Unigate (now UNIQ plc), he became Managing Director of UNIQ’s
£400m turnover UK prepared foods division.

One unintended result of McPhillip’s passion for his sector
was an appearance in Private Eye magazine in the early 1990s.
“I used to work in the turkey industry and was
photographed handing a turkey to John Major,”
he
explains. “About a year later the picture was on the
front cover of Private Eye, I was saying ‘This is the biggest
turkey ever,’ with the prime minister replying, ‘You
wait till Maastricht!’. Not many people can say
that”.

Peter joins Livingstone partner Patrick Groarke to
further develop the firm’s successful Food sector practice.
McPhillips thinks that further M&A activity in the Food sector
is inevitable. “The industry has invested heavily and
consolidation is now needed to allow this investment to continue
while ensuring that the cost base of manufacturing remains
competitive, both in Europe and
globally”.

2005 has been a busy year for Livingstone’s Food sector team.
Completed deals include the £32m sale of chocolate
confectionery group Kinnerton into AIM-listed cash shell Zetar plc
and the recent sale of Calypso Soft Drinks, the 120 year old
producer of mineral water-based children’s soft drinks.

Livingstone’s industry panel now numbers nine advisers,
taking Livingstone’s West End-based total team to 40.

Patrick Groarke, Partner
Tel: 020 4784 4707
Email: pgroarke@livingstonepartners.co.uk


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