The Bottlegreen Drinks Company has been bought out by its management creating an exit for its founders.
The company, established by Kit and Shireen Morris in Gloucestershire in 1989, produces a ranges of cordials, presses and sorbets and has developed into a business with a turnover of £8.2m.
Its major multiple clients include Waitrose, Tesco and Sainsbury's, as well as food service customers such as Wagamama.
The management team was backed by private equity firm Piper to the tune of £5m and will use the funds to expand its range and broaden its distribution. Debt finance has been provided by HSBC.
Simon Hewes led the MBO and continues in his role as managing director with Steven Davies, formerly MD of Britvic plc and chairman of the British Soft Drinks Association who will be joining as chairman.
“We have worked with George on many deals in the past, but this is the first time we have acted on the same side,” Hewes said.
“We have targeted private equity and recruited some high calibre private equity lawyers with significant private equity experience.
“Both Nerys and Philip have market leading skills in relation to leveraged transactions. It is great to see them both making an impact so quickly.”
Lead advisers to the management team were Deloitte in Bristol.
© Crimson Business Ltd. 2007