As part of our 25th anniversary celebrations, we recently spoke with Manish Mandavia, CEO of Lupa Foods, a major supplier to the UK food industry that was a longstanding member of the ProVen VCTs’ portfolio until earlier this year.

The ProVen VCTs, managed by Beringea, first invested in Lupa Foods – then known as Donatantonio - in 2007 to support its turnaround and growth. The VCTs subsequently backed the company through international expansion, a strategic merger with Compleat Food Network, and ultimately its acquisition by Geia Food, the leading food concept provider in the Nordics, in early 2025. Over the lifetime of the investment, the ProVen VCTs delivered a 5.2x return.

In this conversation, Manish reflects on the company’s evolution and how the support of the ProVen VCTs helped guide Lupa Foods through moments of crisis and opportunity.

Could you tell us about the origins of Lupa Foods and your own journey with the company?

Lupa Foods actually began life in 1902, when an Italian immigrant, Luigi Donatantonio, started importing food from home for himself and his friends. That personal need evolved into a business, and over the next century, Donatantonio became a well-established name in Mediterranean ingredients.

I joined as Finance Director in 2008, just after the ProVen VCTs had invested. The business had been hit hard by the financial crisis, and by rising commodity prices, particularly durum wheat, which is essential for pasta. It was a difficult moment, and we were in turnaround mode. But the ProVen VCTs’ investment helped us stabilise and gave us the platform to rebuild.

What role did the ProVen VCTs play during that initial phase?

The support was both timely and strategic. The ProVen funds came in just before the crash and stuck with us as we navigated through that turbulence. Their approach was always “hands-off unless needed”, which worked well for us. We had monthly board meetings, where they offered insightful perspectives, and I always knew I could pick up the phone and speak to Malcolm Moss, Founding Partner of Beringea and our investor director, if I needed advice.

That backing made a big difference during the turnaround. It wasn’t just capital – it was confidence and stability at a time when we needed both. It was a struggling company during one of the worst financial crises in living memory and having experienced investors around the table made a real impact on how we made it through.

How did the business evolve over the years following that initial turnaround?

Once we’d stabilised, we shifted focus to growth by expanding our product categories, sourcing from more countries, and strengthening our commercial team.

A major milestone came in 2018, when we merged with Compleat Food Network. That deal brought together two of the UK’s most experienced ingredient sourcing businesses and allowed us to scale further. We rebranded as Lupa Foods, and began operating under a shared vision for quality, service, and customer expertise.

By the time of the merger, we’d grown turnover to £18m and profits of just under £2m. We were no longer in recovery mode – we were becoming a serious force in the market.

How did the ProVen VCTs and the Beringea team support you beyond the boardroom?

They were a true partner. During the merger in 2018 and again during the exit process in 2025, their guidance was invaluable. Having an investor who’s been through multiple exits before made a real difference, especially when it came to structuring the deal, setting the right terms, and appointing trusted advisers.

They also helped me bring in a fantastic Chairman, Peter Crystal, who became a crucial sounding board. And they supported key executive hires, often sitting in on interviews and helping shape the leadership team. That level of involvement, while still giving us space to run the business, was a big part of our success.

Being a CEO can be a lonely role at times and knowing I had people I could trust, who understood the journey and could offer perspective, meant a lot.

Looking back, how would you summarise your experience working with the ProVen VCTs?

They were supportive when it mattered most. Whether it was navigating a financial crisis, executing a strategic merger, or managing a high stakes exit, they were always there with the right level of guidance and encouragement.

It was a long-term partnership, and a successful one. The exit was a proud moment, but the journey to get there was where the real value was created. And I’m incredibly grateful for the role they played in it.

They believed in us early, stuck with us through thick and thin, and helped us build a business with real substance. That kind of support is rare, and I’ll always value it.

What led to the acquisition by Geia Food, and what’s next for the business?

The acquisition by Geia Food closed in January 2025, and marked the ProVen VCTs’ exit from the business after 17 years. Geia were looking to expand into the UK and saw us as a strong cultural and strategic fit. We shared similar values and ways of working, and they wanted a platform to build from.

At the point of exit, we’d grown Lupa Foods’ turnover to £45m, built a team of 35, and were recognised as a leader in our field, with a reputation for operational excellence, technical rigor, and market insight.

Since the deal, Geia Food has been incredibly supportive and encouraged us to continue with the strategy we were already pursuing. That includes focusing on our core categories, like pasta and tomatoes, while expanding into adjacent areas like rice, noodles, and preserved vegetables, as well as exploring new sales channels, including wholesale.

It’s an exciting new chapter, and it’s one we enter from a position of real strength!

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Important notice: issued by Beringea LLP of Charter House, 55 Drury Lane, London, England WC2B 5SQ, registered in England & Wales number OC342919 and authorised and regulated by the Financial Conduct Authority, number 496358. This material is for information only and does not constitute an offer to buy or sell an investment nor does it solicit any such invitation. The information contained in this article is believed to be accurate at the date of publication but no representation or warranty stated or implied is made or given by any person as to its accuracy or completeness and no responsibility or liability is accepted for any such information or opinion. Please note that past performance is no guarantee of future results. Past performance is not a reliable indicator of future results.