Investment and advisory firm Manfield Partners has acquired WaverleyTBS, a supplier to the on-trade drinks sector, from Heineken UK.
WaverleyTBS supplies 31,000 national and independent free trade outlets throughout the UK. It supplies a full of range beer, cider, spirits, wine and soft drinks.
The company generated GBP500m of sales in 2009 and employs over 1,100 people in two main distribution centres and various sales points across the country.
The acquisition was made through Huntingtower Investment Group, a newly created company.
Manfield and third party funds have invested alongside WaverleyTBS’s existing management team, led by Jonathan Townsend.
Managing director Jeremy Blood, a Manfield partner and previously managing director of Heineken UK, will join Huntingtower’s board as chairman.
This is the third transaction that Manfield has completed since its inception in 2009.
Bill Gore, a Manfield partner, says: “In late 2009 we identified that Heineken might be reviewing the strategic options for WaverleyTBS and approached them to offer a solution. With the help of Heineken and its advisors we have now completed this complex transaction and are excited about the opportunities that exist for WaverleyTBS as an independent entity. We are convinced that Jonathan Townsend and his team will, with our help, unlock the business’s true potential and establish WaverleyTBS as the leading UK drinks distributor.”
