Japanese conglomerate Mitsui & Co. has sold two units, one in the UK and one in the Netherlands, to private-equity firm Manfield Partners.
The fund, which already owns drinks distributor Waverley TBS, has acquired UK canned food firm MCM Select Foods and Dutch tinned products firm MCM Foods.
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The two businesses import and market canned and tinned seafood, fruit and vegetables to retail and foodservice customers. The combined revenue of the two divisions is expected to be around GBP75m in the year to March 2012, with profits “in excess” of GBP1m.
Bill Gore, partner at Manfield Partners, said the acquisition was “another landmark deal” for the fund. “Following our recent acquisition of Waverley TBS from Heineken we have demonstrated once again that we can work with large corporates to acquire non-core businesses through a professionally managed process,” he said.
“Such businesses often need assistance in the transition to independent existence and we look forward to working alongside the current management team, as co–shareholders, to build on existing strong foundations.”
David Arrow, CEO of MCM Select Foods, said the deal was a “great opportunity” for the company. “The business has developed well over the past 18 months and under Manfield ownership we have the ability and commitment to develop and grow further. I look forward to working with the Manfield team to take the business to the next stage of development and to achieving the potential that undoubtedly exists.”
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