Carlyle sells Graze to Unilever

Kenny Wastell
06 February 2019

Tweet
Facebook
LinkedIn
Google plus
Send to

The Carlyle Group has sold UK-based healthy snack producer Graze to Unilever Group, bringing to an end a six-year holding period.

Financial details of the transaction remain undisclosed, though Sky News reports the deal values the business in the region of £150m. Various earlier reports, including one by Unquote sister publication Mergermarket, stated that the vendor had been looking to sell the company for up to £300m.

Carlyle was invested in the business via Carlyle Europe Technology Partners II, which wrote equity cheques of €20-60m.

Graze's ultimate parent group, ND1T, generated EBITDA of £5m from a turnover of £88m in the year ending in February 2018, according to publicly available documents. The group's revenues grew from £52m in 2013.

During Carlyle's tenure, the business expanded its distribution beyond its core delivery service, with its products now sold by retailers including Sainsbury's, Boots, Costco and Target.

Previous funding
Graze first received backing from an institutional fund manager in 2009, when Octopus Ventures led a £2m funding round alongside Draper Esprit and private investors.

Carlyle then acquired a majority stake in the business in 2012, with Octopus and Draper Esprit reinvesting alongside management for minority stakes.

Company
Founded in 2008, London-headquartered Graze provides healthy snacks based on nuts, fruit, dried vegetables and grains.

People
Carlyle Europe Technology Partners – Fernando Chueca (managing director).
Graze – Anthony Fletcher (CEO).

Advisers
Vendor – Harris Williams (corporate finance).