The company has been sold to its management and Amsterdam-based H2, following which both Andrew and Adrian Hancock will step back from the business. Mark Watson will remain as CEO.
Hancocks was set up in 1962 as a sweet shop in Shepshed, UK, by Andrew and Adrian’s father Ray Hancock, and has since grown to a business with more than £100m in sales that serves thousands of businesses with confectionery supplies.
H2 said it plans to build on Hancocks’ strong position in the market to take the company forward in the coming years, working with management to expand the national depot network, continue to develop both the branded and own label ranges on offer and grow the company’s online activities.
“The business has a strong management team in place and is a great platform to build from,” said Simon Gilbert at H2 Equity Partners. “We shall use our significant experience in wholesaling businesses to assist Management in taking the company to the next level.”
Investec has provided H2 Equity Partners with a debt and mezzanine financing package.
Hancock were advised by PricewaterhouseCoopers and Cavendish, while H2 were advised by BDO.
Financial terms of the deal were not disclosed.
Copyright © 2012 AltAssets