AURELIUS acquires WHAT'S COOKING SAVOURY (2024)

Deal facts

Buyer: AURELIUS
Target: WHAT'S COOKING SAVOURY
Deal value: Not disclosed
Announced: 4 November 2024
Status: In review
Sector: Food & Drink
Country: Not stated
Consideration: Not stated

Sources

EU_DG_COMP

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26 Nov 2024CMA invitation to comment
AURELIUS / WHAT’S COOKING SAVOURY
AURELIUS / WHAT’S COOKING SAVOURY
EU DG COMP

OpinionExit Mode editorial

We see a clear signal in the announcement that Aurelius intends to acquire What's Cooking Savoury. This move places a major private equity operator firmly in the Food and Drink sector, targeting a business with an established savoury product line. The deal status remains in review, which is a critical detail for any SME founder watching the space. It means the transaction is not yet complete and faces regulatory scrutiny before it can proceed. In the UK, this often triggers a review by the Competition and Markets Authority if the deal meets specific turnover or share of supply thresholds. We must assume the parties are preparing for this hurdle, as competition issues are common in consolidated food markets where brands compete for shelf space and consumer attention.

The lack of disclosed value or currency figures is not unusual at this stage, but it does highlight the opacity that often surrounds private equity roll-ups until completion. For the SME founder reading this, the structure of such a deal usually involves significant due diligence on supply chain resilience and brand equity. The "in_review" status suggests that change-of-control covenants in existing supplier or customer contracts may be under examination. If the target relies on key accounts with strict anti-assignment clauses, the deal could stall without proper waivers. Furthermore, any earn-out contingencies that might be negotiated later will depend heavily on how the regulator views the combined entity's market power. We see this as a test of whether the buyer can prove the acquisition creates efficiency rather than just market dominance.

The regulatory context here is paramount. If the CMA opens an in-depth investigation, the timeline extends significantly, and the risk of a block rises. This is not merely a bureaucratic delay; it is a commercial reality that can freeze operations or force asset divestments. Our view is that founders must anticipate these mechanics early in their own sale processes. Do not wait for the buyer to flag regulatory concerns. You should map your own supply chain dependencies and identify any customers with veto rights over a change of control. This week, review your top five customer contracts and confirm whether they contain clauses that require consent for a sale of the business.

Editorial opinion. Not financial or legal advice.

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AURELIUS to acquire WHAT'S COOKING SAVOURY

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