Nottingham vegetable supplier sold in MBO

A Nottingham-based fruit and vegetable supplier has been sold in an MBO backed by London investment firm.

Freshcut Foods, which is based in Beeston, has been sold to chief executive officer David Bondi and the incumbent management team by owner managers Adam Clarke and Peter Clee, with backing from Perwyn.

Freshcut Foods is a market leading provider of added value vegetables, fruits and carbohydrates to food manufacturers and food service operators in the UK. It employs around 250 employees across two manufacturing sites.

Peter Clee and Adam Clarke said: “We have found Perwyn’s culture and values a natural fit with Freshcut. We are both delighted that the relationship has culminated in an investment support for the management team at Freshcut, endorsing an exciting future for the company.”

David Bondi said: “I am delighted that we will be working with Perwyn for the next phase of Freshcut’s development. We will continue to work with customers and suppliers in the same way as we always have, to the mutual benefit of all, including the growing number of Freshcut employees.”

Tim Hamilton, corporate partner at Pannone Corporate, which advised Perwyn, said: “The company’s commitment to customer service is unrivalled and this, together with an increasing demand from consumers for healthier foods and the investment by Perwyn, puts Freshcut Foods in an excellent position to fulfil its ambitious growth plans.”
The Pannone Corporate team included Tim Hamilton, Mark Winthorpe, Andrew Walsh and Katie Ward.

Heinz Holsten, Perwyn Partner, said: “We are delighted to be partnering with Freshcut as we help support the next chapter in its growth story. Freshcut is well placed to enable its customers to provide healthier products that consumers are increasingly seeking out.”