Maven exits Oliver Kay

This is the fourth profitable private equity exit for the Maven team in 2012. Others included WEMS International, which delivered a 50% IRR over two years on the mezzanine capital invested; Nessco, which generated a 3.7x return on investment; and Transys Projects.

Bidfresh is part of the Bidvest group, a listed South African services, trading and distribution company.

Previous investment
Maven bought its stake in Oliver Kay in a £17m management buyout in 2007, backed by senior debt and working capital from Yorkshire Bank.

The GP worked with the management team to expand the business while maintaining a focus on service and customer retention. It also diversified into the contract catering and education sectors, benefitting from consistent and predictable order requirements, the GP said in a statement.

Oliver Kay expanded its operations into the Midlands and the South East through the opening of satellite depots in Birmingham and London. The business delivered year-on-year growth during Maven's holding period.

Company
Oliver Kay is a supplier of fresh produce to the catering and leisure sectors. The business operates from a refrigerated warehouse in Bolton and has a delivery network covering much of the UK.

People
Jonty Hall worked on the deal as investment manager at Maven.

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• Topics
• Exits
• UK / Ireland
• Consumer
• United Kingdom
• Trade sale
• Maven Capital Partners