A long-established supplier of fresh fruit and vegetables has been acquired in a deal which KBS Corporate has advised on.
Pavitt’s Produce, the trading name of Buckley & Nunez Ltd, provides an extensive range of fresh, high quality produce to commercial clients including restaurants, hotels, caterers, schools and hotels. With a history spanning almost 25 years, the company operates from New Covent Garden Market, the largest wholesale fruit, vegetable, and flower market in the UK, located in the heart of London. Carlettosway Limited has also been included in the acquisition alongside Buckley & Nunez.
In 2010, Pavitt’s Produce was awarded BRC Global Standard for Storage and Distribution Grade A, a standard which the company has maintained to the present date, which ensures its clients of the quality of the products they receive from the business.
The Directors of the company, Richard Buckley and Carlo Vajro, instructed KBS Corporate as one of them wished to emigrate, whilst the other had plans to retire. Presented with these objectives, KBS Corporate organised a proactive, targeted research strategy to obtain interest from trade buyers, competitors, investors and private equity firms alike.
The opportunity attracted 38 interested parties, predominately UK-based, with much of the interest derived from trade buyers, although several NDAs were received from private investors. Two formal offers were made, with an eventual deal agreed which offered an uplift on the first bid and a more suitable structure.
The acquirer, Premier Fruits (Covent Garden) Limited, is a trade buyer operating within the same industry. Established in 2001, the company is a well-established wholesaler of fresh produce, which is also located in New Covent Garden Market. Premier Fruits was motivated to acquire our client’s company as they could take advantage of the clear synergies present between the businesses.
Fabio Rambelli, Deal Executive at KBS Corporate, provided consultancy to the vendors and commented, “The acquisition of Buckley & Nunez by Premier Fruits is a fantastic opportunity for the buyer to dramatically increase sales, market share and will undoubtedly have a very positive impact moving forward.
“The sale also ensured that Carlo and Richard of Buckley & Nunez were able to effectively dispose of their shares in a manner that best suited their requirements and plans post-completion. I wish Carlo, Richard and the buyers the very best of luck in the future.”