LONDON (ShareCast) - (Sharecast News) - Apax Global Alpha (AGA) said in an update on Wednesday that it expects to invest €4.5m indirectly in Foods Connected through the Apax Global Impact Fund (AGI), which had agreed to acquire a strategic stake in the Northern Ireland-based food supply chain software company.
Foods Connected, founded in 2012, provides cloud-based software to streamline food safety, quality, and compliance for businesses across the supply chain.

The London-listed firm said the investment would see AGI acquire the stake from Hilton Food Group, which had backed the company for the past eight years and would remain a key partner following the deal.

Completion was expected in the coming months, subject to customary closing conditions.

"We've been closely following the food safety sector worldwide, and Foods Connected stood out as a strong platform to invest behind," said Edward Donker, partner at Apax Global Impact.

"Many food businesses still use outdated tools like spreadsheets and paper, creating a clear opportunity for Foods Connected to modernise operations.

"We're excited to partner with Hilton Foods and Roger McCracken to accelerate the business's expansion."

CEO Roger McCracken welcomed the deal, saying: "We're thrilled to be partnering with Apax Global Impact on this next phase of growth for Foods Connected.

"Their expertise in scaling technology businesses will be key to accelerating our global expansion and enhancing what we deliver for customers."

Apax said the transaction was aligned with AGI's strategy of supporting technology-led businesses that address social and environmental challenges.

It followed recent investments in GAN Integrity and Bonterra.

AGA's investment reflected its look-through exposure to AGI's broader stake in the company, with AGA having committed $60m to AGI in 2022.

At 1302 BST, shares in Apax Global Alpha were up 1.04% at 134.99p.

Reporting by Josh White for Sharecast.com.

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