Phoenix offloads NFT to EmergeVest

Following the deal, the company's management will remain with the business and continue to hold a stake in the company.

Debt
The deal has been supported with £42m of debt provided by Investec Growth & Acquisition Finance.

Previous investment
According to unquote" data, Phoenix acquired the food distribution arm of Northern Foods in August 2006, in a deal that valued the newco at £51.2m.

Company
NFT focuses on chilled food and drink logistics, distributing chilled goods across the UK and Europe. Clients include major brands as well as private label manufacturers and importers, regional food and drink manufacturers, and UK and European grocery retailers.

In 2013, NFT reported EBITDA of £10.8m on sales of £169.7m, representing an increase of 9% on 2012's results. The Derbyshire-based company employs 1,900 people.

People
Richard Daw, partner, led the investment for Phoenix.

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