Food-service sector distributor Nisbets has announced that Bunzl plc (‘Bunzl’) will acquire a majority stake in the Company. The deal values Nisbets at an equity value in excess of £500 million.
Bunzl supplies a broad range of internationally and responsibly sourced non-food products to a variety of market sectors in more than 30 countries.
Peter Sephton will remain Chairman and CEO, with Andrew Nisbet, the Company’s founder, serving as a non-executive director on the Nisbets Advisory Board within Bunzl. The Nisbets leadership team will remain in place and it is expected that Nisbets will continue to operate separately from Bunzl. The stake has been sold by Key West Holdings, which holds the Nisbet family’s business interests.
The transaction is subject to customary regulatory approval.
Peter Sephton, Nisbets Chairman said: “We are delighted to announce this agreement with Bunzl today. Based on our extensive engagement with them over the past months, it became clear that both parties have a shared vision and a commitment to customers and colleagues that will build on Nisbets’s heritage and growth strategy. The acquisition will help drive our strategy for growth by bringing both strategic and operational value to Nisbets. We are looking forward to working together to execute this strategy and to delivering the next phase of growth.”
