H2 Equity Partners sells Hancocks to Innovative Bites for £100m

A source with knowledge of the situation told unquote" the deal values Hancocks in the region of £100m.

Under the GP's tenure, the business has made a number of bolt-on acquisitions, expanded its product range and invested in its operational structure. Bolt-ons include the acquisition of JTS International by its World of Sweets division in 2014 and the acquisition of van sales business Bobby's Foods in 2016.

The deal is an exit for H2 Fund IV, which held a €300m final close in May 2011.

According to a statement issued by the vendor, the company has doubled its turnover during its tenure, which lasted four and a half years.

Hancocks CEO Wayne Beedle and chief financial officer Steve Foster will expand their existing roles to cover the consolidated business. Innovative Bites founder and managing director, Vishal Madhu, will become the group's chairperson.

Previous funding
H2 acquired Hancocks alongside the company's management in November 2012. Investec provided a senior debt and mezzanine financing package for the deal.

Company
Founded in 1962 and headquartered in Loughborough, Hancocks is a wholesale retailer of confectionary. It has 20 bricks and mortar depots, in addition to an online platform and delivery service.

The company generates a turnover of £145m, according to a statement issued by the GP.

People
Hancocks Cash & Carry – Wayne Beedle (CEO).

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• Topics
• Exits
• UK / Ireland
• Consumer
• United Kingdom
• H2 Equity Partners
• Trade sale