Specialist distributor Euro Food Brands has undergone a management buyout (MBO) and is poised to accelerate growth under new ownership.
Managing director Peter Butler will take up the role of CEO following the deal, which he led alongside chief operating officer Phil Gotch.
Stephen Barlow and Michael Adams, who founded the business in 1991, sold their controlling interest in the business but retain a minority shareholding. And Barlow will take up a position of chairman of the board.
The MBO, completed for an undisclosed price, was financed by the company’s current lenders NatWest.
Sale director Mark Elstone and advisor and non-executive Brandon Ransley also supported Butler and Gotch in the deal.
Butler, who joined Euro Food Brands in 2016, has overseen a period of sustained growth at the specialist brand partner, growing annual turnover to a record £286m.
“After running the company with Michael for 35 years, there comes a time to slow down and take stock after all the ups and downs of the grocery industry,” Barlow said. “We have had numerous approaches over the years, but stability for our staff, suppliers and customers was always the priority.”
He added the MBO offered the best outcome for all stakeholders. “This business has been our life’s work, and I strongly believe the new team is the right one to lead Euro Food Brands into its next phase.”
Butler said the transition would be “business as usual”, with ambitious growth plans in place. “Our focus remains on delivering above expectations for our suppliers, while continuing to run the business with flexibility and pace,” he added.
Euro Food Brands is the UK and Ireland distributor for big-name brands such as Hershey’s and Reese’s, Barilla, Campbell’s, Ocean Spray and Vegemite. It also works with retailers to source and develop private label ranges.
The group works with major supermarkets, convenience stores and symbol operators, discounters, online retailers, forecourts and wholesalers, as well as pub chains, hotels and contract caterers in the foodservice industry.
