Minority investment will support the business to expand the company’s customer base, broaden its product range and target international expansion
Shaken Udder, the husband-and-wife founded premium milkshake company that supplies to major UK supermarkets, has secured a minority investment from leading mid-market private equity firm LDC to support the next stage of its growth journey.
Headquartered in Tiptree, Essex, Shaken Udder blends fresh milk with real ingredients to create a variety of flavours, from its signature ‘Chocolush!’ to Strawberries and Clotted Cream, which are now stocked in retailers including Sainsbury’s, Tesco, Waitrose, Morrisons, ASDA, Co-op and Boots. The business has expanded through new product development including a 750ml share bottle and a dairy-free, plant-based alternative range, Shaken Other.
Shaken Udder was founded in 2004 by Jodie and Andrew Howie, who met while studying Agriculture and Equine at university, after they spotted a gap in the market for fresh milkshakes at music festivals. The couple went on to spend their summers selling the Shaken Udder range out of a trailer at the likes of Glastonbury and Bestival before launching in retail in 2008 with Harvey Nichols and Selfridges.
Shaken Udder is now the UK’s number one premium milkshake brand[1], according to recent analysis by retail and consumer intelligence provider NielsenIQ. It is also the highest selling dairy-free, plant-based ‘grab and go’ shake under its sister brand, Shaken Other.
The company, which has sales of more than £20m a year and has doubled in size over the last two years[2], also demonstrates a strong commitment to sustainability across its product range and business. This includes using fully recyclable PET bottles and electricity generated by solar panels to power the company’s offices.
LDC’s investment will support Shaken Udder’s management team – which will continue to be led by Jodie and Andrew – to further expand the company’s customer base, including into convenience stores, and continue to develop new products. It will also fund a greater focus on brand marketing and exploring international expansion through distributors overseas.
As part of the investment, food and drink expert James Lambert OBE, founder of global ice cream manufacturer R&R Ice Cream and former Chairman of Burton’s Biscuit Company before its sale to Ferrero Rocher, is joining the Shaken Udder board as Non-executive Chair.
The investment was led by David Bains, Partner and Head of East Midlands and East of England at LDC, and LDC Investment Director Mark Howden, both of whom will join the board.
Jodie Howie, Co-founder of Shaken Udder, said: “Shaken Udder was born out of our shared passion for music festivals, the great outdoors, and milkshakes, and we’ve loved every minute of the journey so far. But there’s still so much more to come. The team at LDC has taken the time to get to know our business, and we’re really looking forward to embarking on the next stage of our growth journey with their support.”
Andrew Howie, Co-founder of Shaken Udder, added: “Jodie and I are very lucky in that we enjoy going to work every day. We are so proud and passionate about the brand we’ve created, and there is so much potential left to achieve. We can’t wait for our next chapter with the backing of LDC, having James on board and with some exciting, ambitious plans ahead.”
David Bains, Partner and Head of East Midlands and East of England at LDC, said: “Jodie, Andrew and the team’s success to date shows what can be achieved when you combine a great idea with creativity, passion and hard work, along with delicious ingredients! We’re proud to be backing another fantastic management team from the East of England and can’t wait to support them as they further invest in their product range and go from strength to strength.”
LDC has a strong heritage of supporting the growth journeys of consumer brands, which includes backing the growth ambitions of premium, founder-led brands such as drink mixer producer Fever-Tree and lifestyle brand Joules.
Shaken Udder was advised by PwC (corporate finance and financial due diligence) and Birketts (legal).
LDC was advised by Grant Thornton (corporate finance and financial due diligence), Freeths (legal) and CIL (commercial due diligence).
[1] Source: Nielsen IQ Total Coverage 52we 15/01/22, Premium =>£3 per litre
[2] Source: Nielsen IQ Total Coverage 52we 15/01/22, Premium =>£3 per litre
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