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Unquote
  • Exits

Equistone sells Whitworths to Anatolia

  • Kenny Wastell
  • Kenny Wastell
  • @kennywastell
  • 17 May 2017
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Equistone Partners Europe has sold its stake in Whitworths, a UK-based supplier of dried fruit, nuts and seed products, to Turkish trade buyer Anatolia.

The transaction brings to an end a holding period of three and a half years for the vendor, during which time the business launched new ranges of healthy snacks.

Anatolia has reportedly had a trading relationship with Whitworths dating back 38 years, with the acquirer having historically acted as a supplier to the UK-based company.

Whitworths

  • DEAL:

    Trade sale

  • LOCATION:

    Irthlingborough

  • SECTOR:

    Food products

  • FOUNDED:

    1886

  • TURNOVER:

    £158m

  • VENDOR:

    Equistone Partners Europe

Following the deal, Whitworths' existing management team will continue to oversee the company's UK operations, according to a statement. The business is also due to invest in the expansion of its British production facilities.

The transaction is an exit for Equistone Partners Europe Fund IV, which held a final close on €1.5bn in January 2013.

Previous funding
Equistone acquired a majority stake in Whitworths in September 2013 in a deal valued at £90m. Debt financing for the transaction was provided by HSBC, Barclays and Royal Bank of Scotland.

Company
Founded in 1886 and based in Irthlingborough, Northamptonshire, Whitworths is a supplier of branded and own-label dried fruit, nuts and seed products. The business generated a turnover of £158m in the year ending May 2015, according to publicly available documents, with operating profits of £7.4m.

People
Equistone – Phil Griesbach, Andrew Backen, Joyce Church (partners).

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  • Trade sale

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