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(Sharecast News) - Bakkavor has announced a board change after hedge fund Baupost sold its stake in the food manufacturing group to private equity firm LongRange Capital.
Baupost, which had held over 116m shares in Bakkavor equal to a 20.1% stake, last week offloaded the shareholding to LongRange.
As a result, non-executive director Patrick Cook, Baupost's nominated representative on the board since the hedge fund's investment in 2017, is to step down.
He will be replaced by LongRange representative Robert Berlin, who used to hold a position on the board between 2016 and 2018.
LongRange, which was founded in 2019, holds $1.7bn in assets under management and takes a "longer-term perspective to investing and building middle market businesses through a company-focussed and customer-first philosophy", Bakkavor said.
"Baupost has been a supportive shareholder in Bakkavor over many years and we wish them well. Patrick Cook was a very positive addition to our board, giving us insight, good challenge and constructive debate. I would like to thank him for this on behalf of us all and wish him every success in the future," said Bakkavor chair Simon Burke.
"In the meantime, I am delighted to welcome back Bob Berlin. He knows us and our markets very well, and I look forward to the board having the benefit of his knowledge and energy once again."
