Tree of Life branches out with MBI
Tree of Life UK (TOL), based in Staffordshire, has been acquired in a management buy-in (MBI). The £35m-turnover wholesaler was bought from its parent company, Dutch listed company Royal Wessanen NV.
Midlands advisers from Eversheds and Smith Cooper led the deal for the MBI team.
The existing management of TOL will continue their roles within the business and will be supplemented by the MBI team, headed by new managing director John Weaver.
Wessanen said the sale of TOL was part of its strategic plan to concentrate on its other business sectors.
TOL was established almost 20 years ago as Natures Store and was acquired by Wessanen in 2002. The company now turns over about £35m a year and employs almost 150 people from its base in Staffordshire.
It distributes organic and health food, vitamins, minerals and sports nutrition supplements.
Funding for the transaction was provided by Lloyds TSB. The seller was advised by the Manchester office of PwC and Jones Day Solicitors in London.
Eversheds provided legal advice to the buyer.
Corporate partner Stephen Kitts said: "The outlook for TOL is positive and the structure of the deal will ensure there is plenty of incentive for all concerned to deliver a successful outcome – we are delighted to have worked hand in glove with the management team on this exciting opportunity."
