Innovative Bites CEO Vishal Madhu said that he was 'hugely excited about the two business' combined potential'.
Confectionery wholesaler Innovative Bites has agreed to acquire Hancocks, a UK supplier of wholesale sweets, from H2 Equity Partners and management.
It is the second major acquisition for the Bedfordshire-based importer, after it purchased Bonds of London in April 2016, and has since doubled its annual turnover.
The acquisition of Hancocks marks a major move for Innovative Bites and its largest acquisition to date. The combined group will boast a sales team of over 150, selling to over 40,000 customers and offering more than 7,000 confectionery products.
Innovative Bites founder and owner Vishal Madhu said: “Our acquisition of Hancocks aligns with our aspirations to significantly grow Innovative Bites’ scale in the UK and across Europe. Our businesses are highly complementary and differentiated in our products, geography and approach, so we are hugely excited about our combined potential.
“The transaction allows Innovative Bites to combine our best-in-class manufacturing and high-quality confectionery range with Hancocks unparalleled route to market.”
Since launching in the UK in 2008, Innovative Bites has expanded its business rapidly and now boasts over 3,500 products, 7,000 retail customers and several brands including Bonds of London as well as exclusive distribution brands like Twinkies, Warheads and Trolli.
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