Confectionery and US foods importer and wholesaler Innovative Bites has acquired leading confectionery wholesaler Hancocks, in a deal reportedly worth ‘close to £100m’.
The move marks the second major purchase for the firm, following its acquisition of Bonds of London last April.
Innovative Bites, which owns the distribution rights to popular US brands like Twinkies, Warheads and Trolli, said the Hancocks acquisition gives the combined group a portfolio of close to 7,000 confectionery products, with a sales team of more than 150 people.
Founder and owner of Innovative Bites, Vishal Madhu, said: “Our acquisition of Hancocks aligns with our aspirations to significantly grow Innovative Bites’ scale in the UK and across Europe. Our businesses are highly complementary and differentiated in our products, geography and approach, so we are hugely excited about our combined potential.”
Hancocks offers more than 5,000 branded and own label products across 20 UK depots from Dundee to Portsmouth. Last year it bought specialist Bournemouth-based wholesaler UK Sweets to boost its online presence.
Madhu added: “The transaction allows Innovative Bites to combine our best-in-class manufacturing and high-quality confectionery range with Hancocks unparalleled route to market.”
Hancocks’ outgoing chairman, Mark Watson, said: “Hancocks adds to Innovative Bites a successful management team that has developed a strong product and customer base. Combine this with Innovative Bites’ American range and Bonds of London’s flexible packaging facility, and it will be a unique proposition in the confectionery category.”
Since launching in the UK 2008, Innovative Bites has expanded its business and has around 7,000 retail customers.