The Birmingham office of private equity firm Equistone Partners Europe has taken a majority stake in leading UK dried fruit and nuts brand Whitworths in a deal which values the company at £90 million.
Whitworths, a Northamptonshire-based company founded in 1886, supplies branded and own label dried fruit, nut and seed products, and has a 30 per cent market share.
In the year to April, the company generated total sales of £157.3 million.
The senior management team, led by Peter Utting as chief executive, has successfully grown the business in recent years, driven by a resurgent Whitworths brand, and repositioned the business as the clear category leader for major UK retailers.
Equistone’s investment will be used to support further development of the product range to address new usage occasions, such as out of home snacking, and to develop further Whitworths’ growing branded proposition, under multiple brands, as well as providing scope to acquire complementary businesses.
Equistone has made several previous investments in the food sector, most recently Charles & Alice, a well-known French manufacturer of fruit desserts.
Partner Phil Griesbach, who led the deal, commented: “Whitworths stands out as the market leader in dried fruit, nuts 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.”
Mr Utting added: “Together with the management team at Whitworths, I have enjoyed building the company over the recent years to its current scale and reputation.
"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.”
