London-based private investment firm Flywheel Partners has announced today (24 July) that it has taken a majority stake in UK plant-based ingredient provider Freshcut Foods.

Flywheel did not disclose the size of its sharepost-transaction or the financial terms involved.

Another private equity firm, UK and France-based Perwyn had acquired a controlling majority stake in Freshcut from its founders in 2018. The deal announced today gives it an exit.

Freshcut Foods supplies more than 300 plant-based ingredients to over 40 foodservice operators, food manufacturers and business-to-business clients in the UK. Established in 2003, the company employs over 320 staff across three manufacturing facilities in Nottingham in the English east Midlands.

CEO Chris Copestake said: “We are hugely excited to be partnering with Flywheel in the next stage of our growth journey, as we continue to provide customers with natural plant-based food solutions through industry-leading innovation.

"Flywheel Partners’ experience in the food sector, their entrepreneurial spirit and strong cultural fit make them the perfect partner to help drive our development over the years ahead.”

In a statement, Flywheel said: “The business has experienced strong growth in recent years, solidifying its position as the market leader. To help support this growth, there has been significant investment into capacity and efficiency initiatives, which will enable future expansion."

Flywheel said the vegan food ingredients provider has benefitted from the rise in flexitarianism where consumers are increasingly incorporating vegetables and other plant-based products into their diets for health, sustainability, and financial reasons.