EmergeVest, a private equity firm in Hong Kong, has purchased a controlling interest in UK-based chilled food distributor NFT Distribution Operations. Although the value of the stake buy was not disclosed, NFT has been valued by EmergeVest at £60 million, according to The Financial Times.
EmergeVest managing director Heath Zarin said the rising popularity of chilled food among young professionals has led to the growth of companies similar to NFT. Zarin said: "It's a very specialist business because it is time-sensitive."
Under the terms of the purchase deal, NFT will continue to be managed by the same leaders. It will also continue to hold a large shareholding in the firm, the report detailed.
In the fiscal year that ended March 2014, NFT posted a 49% increase on its sales compared to the last five years. The firm currently operates seven distribution facilities and employs 2,000 full-time workers across the UK. The company's 450 vehicles deliver more than 130,000 pallets of food and grocery items every week to major retailers in the country, The Financial Times reported.
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