Perwyn backs Freshcut Foods MBO

Financial details of the deal remain undisclosed, though the company generated an operating profit of £1.3m in the 12-month period ending in January 2017, according to publicly available documents. The GP typically makes investments in companies with enterprise values of £25-125m.

Perwyn said in a statement it was looking to capitalise on growing consumer demand owing to the increasing focus on healthy, vegetable-rich diets.

The transaction was led by Freshcut CEO David Bondi, while Yorkshire Bank provided acquisition finance to support the deal.

Company
Founded in 2002 and headquartered in Beeston, near Nottingham, Freshcut Foods is a distributor of fruit, vegetables and carbohydrates to the food manufacturing and food service sectors. The business has a headcount of 250 and operates from two manufacturing sites in the Nottingham area.

According to the aforementioned documents, Freshcut generated a turnover of £19.8m in the 12-month period ending January 2017.

People
Perwyn – Heinz Holsten (partner).

Advisers
Equity – Pannone Corporate (legal).
Vendor – Spayne Lindsay & Co (corporate finance); Browne Jacobson (legal).

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