Private equity firm EmergeVest has backed NFT Distribution Operations in a deal that valued the UK-based chilled food distributor at £60m.
EmergeVest bought the stake of peer Phoenix Equity Partners.
As part of the deal, Investec Growth & Acquisition Finance agreed to provide debt funding of up to £42m.
Since its management buyout from Northern Foods in 2006, the company has seen its sales surge 49 per cent to £170m in the fiscal year to end March.
EmergeVest managing director Heath Zarin said, “We believe the company is well positioned to expand its service offering within the UK and to enter new overseas markets. We have been very impressed by management’s ability to execute and their plans for developing the business further.
“We are also pleased that Investec participated in the transaction and will provide ongoing support to NFT through an innovative and flexible financing package.
“Overall, we are very excited about NFT’s growth prospects and ability to provide an ever-expanding suite of leading edge services.”
Earlier this year Investec invested in African logistics company J&J Africa alongside private equity major Carlyle.
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