Equistone Partners Europe, a private equity firm, has acquired a majority stake in Whitworths, a UK-based supplier of dried fruit, nut and seed products, from European Capital in a deal which valued the company at £90m.
Whitworths, established in 1886, is a supplier of branded and own label dried fruit, nut and seed products with a 30% market share in the category.
Equistone stated that the senior management team, led by CEO Peter Utting, has successfully grown the business, driven by Whitworths brand.
The investment from Equistone will be used to further develop Whitworths' product range and growing branded proposition, as well as to acquire complementary businesses.
Equistone Partners Europe Joyce Church said that Whitworths stands out as the market leader in dried fruit, nut and seed products, a category with attractive dynamics.
"The management team has delivered on its strategy to date, and we look forward to working with them to help the business continue to develop, expanding distribution and product offering," Church added.
Utting said: "We are excited to work with the team at Equistone to explore new opportunities, and we are committed to continuing to deliver our exceptional product range and service to our current and prospective customers."
HSBC, Barclays and Royal Bank of Scotland provided debt financing for the transaction.
Whitworths, established in 1886, is a supplier of branded and own label dried fruit, nut and seed products with a 30% market share in the category.
Equistone stated that the senior management team, led by CEO Peter Utting, has successfully grown the business, driven by Whitworths brand.
The investment from Equistone will be used to further develop Whitworths' product range and growing branded proposition, as well as to acquire complementary businesses.
Equistone Partners Europe Joyce Church said that Whitworths stands out as the market leader in dried fruit, nut and seed products, a category with attractive dynamics.
"The management team has delivered on its strategy to date, and we look forward to working with them to help the business continue to develop, expanding distribution and product offering," Church added.
Utting said: "We are excited to work with the team at Equistone to explore new opportunities, and we are committed to continuing to deliver our exceptional product range and service to our current and prospective customers."
HSBC, Barclays and Royal Bank of Scotland provided debt financing for the transaction.
