London-based private equity firm purchases majority stake in Freshcut Foods

London-based private equity firm Flywheel Partners has purchased a majority stake in Freshcut Foods, a supplier of cooked and raw vegetable and carbohydrate ingredients based in Nottingham, England.

Terms of the transaction were not disclosed.

“We are delighted to announce our investment into Freshcut Foods the UK’s leading producer of high-added value plant-based ingredients,” Flywheel Partners said in a statement on its LinkedIn page. “Freshcut supplies more than 300 bespoke products to over 40 customers that include leading foodservice brands, food manufacturers and online recipe kit providers.”

The statement said Freshcut Foods’ management team is “significantly increasing their stake in the business” and thanked advisors Arrowpoint Advisory, Food Strategy Associates, Grant Thornton UK LLP, K&L Gates and Piper Sandler.

Freshcut Foods supplies operators and food manufacturers in the United Kingdom including Greencore, Bakkavor and Samworth Brothers. Founded in 2003, the company employs more than 320 workers in three manufacturing facilities.

In 2018, the company initiated a management buyout in partnership with private equity investor Perwyn.