Vegetarian Express, a supplier of plant-based ingredients and distributor of food brands to the UK foodservice sector, has sold a controlling stake in the business to private-equity firm Bridges Ventures.
Watford-based Vegetarian Express supplies ingredients including tofu, quinoa, nuts and spices. The brands Vegetarian Express distribute to foodservice operators include Kikkoman soy sauce, Tyrrells crisps and Blue Diamond almonds.
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The company, set up in 1987, generates annual turnover of “just under” GBP10m (US$12.4m) a year, Bridges Ventures told just-food.
Vegetarian Express founder David Jonas will remain an investor in the business, alongside current co-shareholder Will Matier.
Tim Kelly, a former COO at the UK food group Premier Foods plc, will become the new executive chairman of Vegetarian Express. Kelly will also own a stake in the business. He said: “VE has built a really strong platform as the go-to supplier of high-quality plant-based food ingredients. Bridges has a proven track record of helping businesses like VE to scale, in a way that amplifies their impact, so they’re a perfect partner for our next phase of growth.”
Oliver Wyncoll, a partner at Bridges Ventures, said the private-equity firm could work with its fellow shareholders in Vegetarian Express to “accelerate the growth of the business in the coming years”. He added: “We all believe in the benefits of plant-based products – which are growing in popularity as consumers make more informed health and environmental choices – and VE has the best range available. It’s a great example of a business whose impact will increase in lock-step with its growth.”
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