Bakkavor Group has announced that BP-PE5 LLC, an affiliate of the Baupost, has sold its 20.1% shareholding in the company. This sale has led to the termination of their relationship agreement.
Following the stake sale and the end of the relationship agreement, Baupost’s nominated representative Patrick Cook will be stepping down from the board. He will be replaced by Robert Berlin, who will be appointed as a nonindependent nonexecutive director of the board, representing LongRange Capital Fund I. Berlin previously served as a nonexecutive director of the company from January 2016 to July 2018.
As part of these changes, Bakkavor has reached a new relationship agreement with LongRange. This agreement ensures that Bakkavor can continue operating as an independent business, with LongRange and its associates holding 10% or more of the company’s issued share capital.
Chairman Simon Burke expressed gratitude towards Baupost for their support as shareholders and wished them well. He also praised Patrick Cook for his positive contributions to the board. Chief Executive Mike Edwards welcomed Robert Berlin’s appointment, highlighting his valuable experience and his potential to help the company achieve its strategic ambitions.
At 0807 GMT, Bakkavor Group’s shares were up 5.20 pence, or 6.1%, at 90.20 pence.