Hancocks completes MBO backed by H2 and Investec
Hancocks Group, which includes Hancocks Cash and Carry, has been sold to its management and H2 Equity Partners.
The new ownership sees both Andrew and Adrian Hancock step back from the company.
Established in 1962 by Andrew and Adrian’s father Ray Hancock, the Hancocks Group has been owned and managed by the family for 50 years. In that time it has grown to a business with over GBP100m in sales.
H2 Equity Partners plans to build on Hancocks’ strong position in the market to take the company forward in the coming years. 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.
“This can only be great news for our customers, employees and suppliers,” says Andrew Hancock. “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.”
“We are delighted to have reached an agreement that allows us to become the majority shareholder of Hancocks. 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,” says Simon Gilbert (pictured) of H2 Equity Partners.
Investec has provided H2 Equity Partners with a debt and mezzanine financing package.
James Stirling of Investec says: "This is an attractive deal for us. Hancocks occupies a clear leadership position in a niche market and it offers a clear value-proposition to its customer base. This deal represents the second we have concluded in the UK confectionery market, having successfully exited our investment in Big Bear Group in 2011.”
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