Through five acquisitions, carried off in rapid succession, we created a leading supplier and category manager in the fast growing food-to-go lunchtime market which we believed would have the potential for further strong growth in both existing and new markets. Adelie Food Holdings was a leading supplier of chilled Food-to-Go, offering a range of products such as sandwiches, salads and quiche to supermarkets, coffee shops and the food service sector. Duke Street built up Adelie through a series of acquisitions starting in March 2006 when we bought both Buckingham Foods Limited and Thomas Foods. Subsequently we acquired Food Partners Limited in April 2006 for, Superior Food Group in February 2007 and Brambles Foods in April 2007. We had been building our expertise in the food sector over a period of time, working closely with then Duke Street Operating Partner Peter Macielinski, the former Chief Executive of Geest. We brought together a team of highly-experienced managers – including Bill Hazeldean, the former Chief Executive of Macrae Food Group – to target attractive sub-sectors of the market, including food-to-go. Because of this extensive industry knowledge we were able to carefully select companies that fitted under the Adelie umbrella, approaching them individually rather than buying them through auction. Having built a group of companies with distinct offerings and customer bases – with a significant combined turnover, we exited to India Hospitality Corporation in April 2012.