Nield Group has been bought by its board of directors in a management buy-out.
The team of five – managing director Rick Ormerod, chief executive Matthew Sowerby, finance director David Menon, buying director Lester Lee and trading director Steve Fallon – were funded by a pound;10m financial package from Venture Structured Finance, and advised by TMG corporate finance.
Ormerod said the team has plans to grow the Features > Business, and would be targeting two areas in particular where the company was showing strong growth.
He said they would be seeking to build on the company’s thriving own label, and to develop its distribution business where it delivered products to other wholesalers for companies such as Sara Lee and Colgate Palmolive.
Nield Group is a member of Today’s Group and specialises in toiletries, health and beauty and household products and operates a 60,000sq ft distribution depot in Accrington and a 25,000sq ft cash and carry in Manchester.
Turnover is in excess of pound;40m a year and the company has more than 4,000 independent retail customers.