The management team of Hancocks Group has led a buy-out of the confectionery business alongside H2 Equity Partners.
Hancocks Group, which has been family owned and managed for 50 years, is now under management control.
H2 Equity Partners and Investec Growth & Acquisition Finance are providing financial assistance with the undisclosed deal, with H2 taking a majority interest.
Investec has provided H2 Equity Partners with a debt and mezzanine financing package.
The business has grown from a sweet shop in Leicestershire to a company which has £100 million of sales, and it will now look to expand its national depot network.
CEO Mark Watson is set to remain in his role, while founders Andrew and Adrian Hancock will now ‘take a step back’ from the company.
H2 Equity Partners says it plans to build on Leicester-based Hancocks’ ‘strong position’ in the market to take the company forward. It also expects to develop both the branded and own label ranges on offer as well as growing the company’s online activities.
Andrew Hancock, former owner and chairman of Hancocks, comments, ‘From a sweet shop in Shepshed, our family has grown the business to a group that serves many thousands of businesses with their confectionery supplies.
‘We now hand the baton on with pride, knowing that Hancocks can only go from strength to strength.’
Watson adds, ‘I am delighted to be leading such a strong company that has the prospect of becoming a much bigger player within confectionery wholesaling.’