London-based investment firm Flywheel Partners has secured a majority stake in Freshcut, an ingredients producer that specialises in plant-based food.
Founded in 2003, Freshcut supplies more than 300 products varieties to around 40 customers in the food and drink sector. These include foodservice brands, food manufacturers and online recipe kit providers.
Flywheel Partners has previous experience investing in the food sector, with protein bar manufacturer Grenade and microalgae research group Algatech already part of its portfolio.
Reflecting on the deal, managing partner at Flywheel Avital Lobel described Freshcut as a “hugely exciting business” with exceptional “potential”.
“The Freshcut team are industry leaders with whom we share a common set of values and vision for the business,” Lobel added.
“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. We expect the ever-growing awareness of the health, cost and environmental benefits of plant-based foods to continue driving future growth.”
Freshcut targeting next stage
Employing more than 320 members of staff across three facilities in Nottingham, Freshcut specialises in turning vegetables and other carbohydrate-based foods into a range of products for its customers.
Looking ahead, chief executive Chris Copestake believes that the new majority partners will prove a good fit.
“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,” said Copestake.
“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.”
In other news, Food Manufacture spoke with an R&D head at Unilever about how the group is using AI to develop plant-based and alternative protein products.
