Whitworths acquired by Equistone
On 11th September 2013 our client, European Capital, announced the sale of Whitworths to Equistone for £90 million, realising proceeds of c£60 million. Whitworths is a UK based supplier of branded and private label wholefoods such as dried fruit, nuts and seeds. It is the clear category leader in the UK’s healthy snacking and home baking markets, both of which are in long term growth. In the year to end April 2013 Whitworths had revenue of over £150m and it has grown profits threefold since 2008.
The Whitworths business has been transformed under the current management team led by Peter Utting, CEO, and Peter Unsworth, CFO, including substantial de-risking of Whitworths’ global sourcing, supply chain, and customer model. This enables it to make greater use of its inherent scale and product advantage to drive more added-value consumer-focused solutions (branded and private label) in line with strong underlying consumer trends of health, convenience, indulgence, and scratch cooking.
We’re delighted that with further investment under Equistone’s new ownership, management will have the chance to continue the growth that the platform, the brands, and the categories enable. We wish them the very best of luck in that endeavour.