Savoury & Sweet

Savoury & Sweet (“S&S”) is one of the UK’s largest independent manufacturer of popcorn and popcorn related snacks

November 2015
Investment Date

Business Overview

  • S&S is a food manufacturing business, producing popcorn and popcorn-based snacks for major international customers
  • It operates from a new facility based in Leicester following a £10m investment from its current owners
  • It has developed its own range of products with their own IP
  • It has grown by 60% in the past year following the increased demand for bagged popcorn, a market currently growing at 38% pa
  • Permira’s investment is predominantly to fund additional capital expenditure on new production equipment


Investment Thesis

  • Market leading presence in a high growth market
  • Long-term customer contracts of up to 3 years
  • High barriers to entry from well invested manufacturing operation
  • Strong operating cash conversion



  • Off-market investment opportunity sourced and executed exclusively
  • Sole lead arranger
  • Strong industry knowledge within Permira from existing food manufacturing investments