PRESS RELEASE

H.I.G Capital to Acquire Majority Share in Leading ‘Food to Go' Business Adelie Foods.

Chilled food manufacturer Adelie Foods has today confirmed that an agreement has been reached for leading global investment firm H.I.G. Capital to acquire a majority share in the business.

The deal will enable Adelie to continue its ambitious plans for expansion in the Food-to-Go sector where it has enjoyed significant success over recent years in both developing its private label coffee shop and retail business and in establishing its own URBAN eat brand as the number one sandwich brand in the UK.

Adelie Chief Executive Officer Gavin Cox comments: "We have been engaged in the process of seeking a new investor for the business for several months and I am delighted that we have now reached an agreement with like-minded partners who are such a strong cultural fit for our organisation and are fully supportive of our plans for growth, both in our home and international markets."

H.I.G. Capital has more than €17 billion of equity capital invested in small and midsize companies around the world and currently has a portfolio of more than 80 companies with combined sales in excess of €30 billion.

Paul Canning, Managing Director of H.I.G. Capital, commented on the acquisition: "Adelie has developed a strong reputation for service, quality and innovation in the UK Food-to-Go sector and we are delighted to be investing in the business as it continues to expand."

Adelie's Commercial Director John Hyman explains: "The fact that we have been able to attract investment from an organisation of H.I.G's calibre is a fantastic testament to the progress we have made since the formation of Adelie Foods in 2010. This deal has given us a great platform on which to develop our position in the UK Food-to-Go market and in turn to work in partnership with our customers to support their growth plans in this dynamic sector."

Whilst the new deal sees H.I.G. Capital assume a majority shareholding in the business, Ravi Deol and Sandeep Vyas, who have been working with Adelie since IHC acquired the business from Duke Street Capital in April 2012, will retain a significant interest in the business and will continue to work alongside and support Cox and the existing senior management team.

Ravi Deol said "Sandeep and I are excited to have HIG Capital as our partner in Adelie Foods. This allows Adelie to reinforce its position of being the most innovative Food-to-Go company. Strategic investment in strengthened manufacturing, product innovation, customer solutions and organisation capability will ensure continued rapid growth in its core and new markets".

Ends - March 2015

For further information please contact: Ken Wallace, Thorpe PR, 07966 139797

Notes to Editors

Adelie foods is one of the UK's leading ‘Food to Go' businesses supplying a wide range of customers in the retail, coffee shop, travel and contract catering sectors with a range of high quality, innovative chilled food products.

Adelie currently employs around 2,800 colleagues across its six manufacturing and eight distribution locations around the country.

In addition to its impressive portfolio of private label products Adelie also owns the UK's biggest sandwich brand, URBAN eat, which is stocked in over 6,000 outlets nationwide.

www.adeliefoods.co.uk