Global distribution and outsourcing business Bunzl has acquired a majority stake in Bristol-based catering giant Nisbets for £339m. Bunzl, which operates in 31 countries, agreed the deal with Nisbets’ parent company Key West Holdings.
Bunzl has taken an 80% share in the South West firm, it announced to the stock market on Monday (February 26). The transaction, valuing Nisbets at more than £500m, is subject to customary regulatory approval.
Avonmouth-based Nisbets has more 1,800 employees and its management team will remain with the group post-acquisition, with founder Andrew Nisbet acting as a non-executive director and the family continuing to hold a minority interest in Nisbets. Its chair and chief executive, Peter Sephton, will also remain.
A spokesperson for Key West Holdings said: “Bunzl plc is a leading British multinational distributor and shares Key West Holdings’ passion for the food-service industry. Key West Holdings has been the majority owner of Nisbets for many years and, in that time, Nisbets has grown it into one of the largest multinational distributors of foodservice equipment and supplies in the UK and Ireland, Northern Europe, and Australasia.
“Key West Holdings now looks forward to supporting Nisbets as a minority investor as it enters its next phase of growth. Key West Holdings holds the business interests of the Nisbet family.”
Bunzl is a specialist international distribution and services group with operations across North and South America, Europe, Asia Pacific and the UK and Ireland. It sells products to hotels, hospitals and grocery chains.
Frank van Zanten, chief executive officer of Bunzl, said: “The acquisition of Nisbets is an exciting step for Bunzl. Andrew Nisbet has built a high-quality business, with a well-respected management team. The business is complementary to our operations in the catering equipment sector and will enhance our own brand offering and digital capabilities.”
Founded in 1983 by Andrew Nisbet, Nisbets is is now an omni-channel distributor of catering equipment and consumables.
For the year ended 31 December 2023, Nisbets generated revenue of £498m, with a profit before interest, tax and amortisation of £40.2m on a pro-forma basis and total gross assets of £242m.
