The private equity firm said it plans to “build on Hancocks’ strong position in the market

The private equity firm said it plans to “build on Hancocks’ strong position in the market

UK confectionery wholesaler Hancocks Group has been sold in a management buy-out backed by H2 Equity Partners.

The private-equity firm said it plans to "build on Hancocks' strong position in the market to take the company forward in the coming years".

"We are delighted to have reached an agreement that allows us to become the majority shareholder of Hancocks," said Simon Gilbert of H2 Equity Partners. "The business has a strong management team in place and is a great platform to build from. We shall use our significant experience in wholesaling businesses to assist management in taking the company to the next level."

Hancocks said H2 and management will work together to expand the national depot network, continue to develop both the branded and own label ranges on offer and grow the online activities.

Mark Watson will remain as CEO. Financial details of the transaction were not disclosed.