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PRIVATE EQUITY
 

News Room

17 January 2007

Aberdeen Asset Managers Growth Capital backs £17m Oliver Kay MBO

Aberdeen Asset Managers Growth Capital (“AAMGC” or “Aberdeen”) has led the £17m management buy-out of Oliver Kay Limited (“OKL”), a supplier of top quality fresh fruit, vegetables, delicatessen products and associated sundries to hotels, restaurants and public houses.

The business, which is based in Bolton, Lancashire, employs over 100 people and delivers to more than 500 customers, six days a week. Managing Director, Oliver Kay, will lead the growth and further expansion of the business in tandem with specialist food industry Chairman, Mark Swanwick, who was sourced by Aberdeen.

Aberdeen and the management provided equity funding with Yorkshire Bank providing the debt and additional banking facilities. The transaction was led by Aberdeen’s Northern based Growth Capital team, Andrew Craig and Jonty Hall.

Oliver Kay, Managing Director of Oliver Kay Limited, commented:

“We are delighted to have Aberdeen on board given its strengths in helping businesses like ours achieve their potential. It is an exciting time for the business and we are looking forward to continuing the growth and development of our business with the additional support from Aberdeen”.

Andrew Craig, Investment Director, Growth Capital, commented:

“We are impressed by how Oliver and the rest of the team at OKL have grown the business into one of the leading independent suppliers to the UK on-trade and we look forward to working alongside Oliver and his team as the business enters an exciting new stage in its development”.

Peter Kelly, Business Partner, Bolton Financial Solutions Centre, added:

“We are delighted to have worked with AAMGC in securing such an exciting business. The deal reflects the Bank’s successful integrated approach, involving both the Acquisition Finance and Relationship Banking teams to provide a seamless service”.

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