Gresham Trust and KPMG Corporate Finance have backed an MBO team led by CEO David Pratt in its £15m acquisition of Whitworths, the dried fruit and nut producer.
Gresham put up £8.2m and KPMG £5.8m. Gresham's Peter Naylor said the firm did not have any firm exit plans in mind. “It's a local Midlands mid-market deal,” he said. “We supplied the equity – that's long term capital. Gresham funds are open-ended and so have no fixed exit date.”
Bill Mustoe, chairman of Cott Beverages and the Brand Partnership, will join the board as non-executive chairman.
Whitworths was founded in the late 19th century.