Livingstone Talks Turkey in Food Sector M&A

December 2005

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