Thu, 22 Nov 2012 | MBO/MBI
Pick and mix sweet wholesaler Hancocks has been sold in a private equity-backed management buyout.
The cash and carry business, which had a cash turnover of around £100 million, was bought in an MBO led by the company's chief executive Mark Watson and backed by H2 Equity Partners, with advice from Cavendish Corporate Finance.
Ray Hancock established the Hancocks Group back in 1962 and the business has been owned and managed by the family for the past 50 years, with brothers Andrew and Adrian the latest to hold the reigns.
Caroline Belcher, who led the transaction for Cavendish Corporate Finance, told Insider Media: “From the outset, H2 showed an understanding of the wholesale sector and an appreciation of Hancocks and its family roots. I am delighted that we could put together a transaction which resulted in such a supportive home for the Hancocks business and the management team, as well as meeting all of the Hancock family's aspirations.”
Andrew Hancock, former owner and chairman, added that the business sale is good news for “customers, employees and suppliers”, noting that the business will continue to grow under the guidance of its new owners.
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