Freshcut Foods receives investment from private equity firm Flywheel
Freshcut Foods, a supplier of fresh produce, has announced today that private equity firm Flywheel Partners has taken a majority stake in the company.
The investment amount has not been disclosed.
Established in 2003, the company employs over 320 staff across three adjacent manufacturing facilities in Nottingham. It supplies more than 300 products to over 40 customers, including Greencore, Bakkavor, and Samworth Brothers, as well as pub groups.
Freshcut Foods has seen its income increase by almost 30% in the past full financial year; for its accounts up until 31 July 2022, Fresh Foods' turnover was £35.4m, an increase from £25.4m from the previous financial year.
Fresh Foods stated it has benefitted from the rise in ‘flexitarianism' where consumers are increasingly incorporating vegetables and other plant-based products into their diets for health, sustainability, and financial reasons.
Chris Copestake, chief executive of Freshcut, said: "We are hugely excited to be partnering with Flywheel in the next stage of our growth journey, as we continue to provide customers with natural plant-based food solutions through industry-leading innovation.
"Flywheel Partners' experience in the food sector, their entrepreneurial spirit and strong cultural fit makes them the perfect partner to help drive our development over the years ahead."
Avital Lobel, managing partner at Flywheel, which is based in London, said: "The growth that Freshcut has delivered in recent years is testament to the quality and relevance of its products to today's foodservice and food manufacturing businesses and consumers."
He added Flywheel hopes the "ever-growing awareness" of meat-free foods will provide future growth.
The news comes as Freshcut Foods' former private equity investor, Perwyn, exited the company after almost five years of working with the fresh produce supplier.
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