Acquisition of Whitworths by Equistone Partners Europe

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DATE
September 2013

TRANSACTION TYPE
Private Equity Acquisition

VALUE
£90 Million

SECTOR
Food & Beverage

Transaction Overview

Spayne Lindsay advises Equistone on its acquisition of Whitworths.

 

Spayne Lindsay is delighted to announce the acquisition of a majority stake in Whitworths by Equistone Partners Europe Limited (“Equistone”). Spayne Lindsay acted as corporate finance advisor to Equistone on this transaction. The acquisition values Whitworths at £90m.

 

Whitworths is the UK’s largest supplier of dried fruit, nut and seed products, with approximately 30% market share in its category. The category has grown impressively through the economic downturn, achieving 7% growth per annum, as the popularity of healthier food alternatives and home baking continues to increase. In the year to April 2013, the Company generated total sales of £157.3m.

 

Equistone’s investment will be used to support further development of the product range to address new usage occasions, such as out of home snacking, and to develop further Whitworths’ growing branded proposition, under multiple brands, as well as providing scope to acquire complementary businesses.

 

Equistone is one of Europe’s leading mid-market private equity managers and has made several previous investments in the food sector, most recently Charles & Alice, a well-known French manufacturer of fruit desserts. Equistone’s acquisition of Whitworths marks its 14th investment from Equistone Partners Europe Fund IV.

Contact Spayne Lindsay for further information

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