Case Studies.

Chaucer Foods

Transformation of food ingredients company into a highly profitable supplier to major international groups.


  • Description
    Freeze-dried fruit specialist
  • HQ
    Hull, UK
  • Invested
    March 2011
  • Add-on acquisition
    Crunchies Food Company, USA
  • Sold
    March, 2016

Chaucer Foods

In 2011, Andy Ducker and David Manning acquired a large minority stake in the Chaucer Food Group, a specialist global ingredient supplier to large food groups including Kellogg’s, Starbucks and Unilever.

Andy and David took active operational roles in transforming the company’s fortunes, including an expansion of its manufacturing facilities in the UK, France and China; opening a new operation in the US and significantly expanding the company’s product range and customer base.

Over the course of 5 years the Elaghmore team transformed the business, increasing its turnover by 50% to $150M dollars and profitability from $4M to $12M. It became the largest global provider of freeze dried fruit in the world.

In 2016, it’s success attracted the attention of Nagatanien, a Japanese food producer which acquired Chaucer for $130M.

“Our investment in Chaucer Foods, one of several highly successful ventures in the food production sector, illustrates our commitment to sustainable growth and our ability to expand companies internationally, and to attract blue chip industrial customers and, ultimately, acquirers.”

TVS Group

  • Description
    Specialist manufacturing group servicing the commercial and industrial vehicle industry
  • HQ
    Cambridge, UK
  • Invested
    December 2016
  • Original Investment
    SB Components
  • Add-on acquisitions
    Priden Engineering, McPhee Mixers
  • Status

TVS Group

Total Vehicle Solutions Group is a leading manufacturer of specialised products for the commercial and industrial vehicle industry. It was created by the combination of several Elaghmore portfolio companies, beginning with the initial acquisition of SB Components in 2016.

Cambridge-based SB was bought from its founder when Elaghmore backed its young, aspirational, management team. Since then, SB has achieved a 70% increase in sales, from £15m to £26m. Investment in a best-in-class fleet centre has supported this sales growth and positioned the company as a lynchpin supplier to blue-chip customers.

In April 2018, the group acquired Priden Engineering, a specialist in pneumatic vehicles, based in the same Cambridgeshire town of Wisbech. This investment expanded TVS’ market and customer base.

In May 2018, the group acquired McPhee Mixers, headquartered in Glasgow. McPhee was founded in 1971 and holds a significant share of the UK concrete mixer market. Elaghmore have championed plans for new support sites across the UK, facilitating increased routes to market for this business.

“TVS Group is building a specialist yet diversified business that is able to service the vehicular needs of blue-chip commercial and industrial clients. Elaghmore continues to enthusiastically support its organic and acquisitive growth.” 

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