The exit was led by the firm’s Manchester team following a five-year holding of the company which has seen it grow to become the fifth largest fresh produce supplier in the UK.
Maven investment manager Jonty Hall said, “Oliver Kay had clearly defined strategic goals and with Maven’s help has continued to go from strength to strength.
“The business has expanded its operations into the Midlands and the South East through opening satellite depots in Birmingham and London, establishing itself as a credible alternative to the larger operators in the market.
“The sale to the Bidvest Group allows the company to take advantage of new growth opportunities, and provides an excellent return for Maven investors.”
The sale marks the fourth profitable private equity exit for Maven this year,
In July the firm made a 3.7 times return on its original investment in telecoms services business Nessco after selling the company to RigNet, the Nasdaq-listed telecoms business, for £31m.
The company had increased annual revenues to more than £30m and earnings by over 200 per cent to £3.5m since Maven’s original investment in June 2008.
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