3i sells Witwood Food stake to management

3i will sell its shares back to the company in a deal which represents an IRR of 16.5% over the 11 years of its investment.

3i originally acquired a minority stake in Witwood in 1994, backing the management buyout led by Chairman David Osborne. 3i has been a long term partner in the business – backing the company through two further investment rounds in 1998 and 1999. This investment enabled Witwood to expand overseas into Australia and the Far East.

In April 2004, Bernard Cook, a member of 3i’s independent directors programme, joined the board as non-executive director. Bernard has a wealth of experience of the industry, having worked at numerous food companies including United Central Bakeries, The Sandwich Factory and Whitworths Group.

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