The deal

We’re pleased to have successfully advised the shareholders of Lincolnshire-based tropical fruit supplier, Ripe Now, on the split and subsequent sale of its logistics and fruit import arms.

Employing more than 150 people, Ripe Now specialises in growing, importing and ripening mangoes, which it supplies to major supermarkets and food manufacturers across the UK.

Our Corporate Finance team, led by Partner Chris Adlam and Financial Advisory Director Joanne Price, was appointed to support the business’s shareholders in seeking new investment, preparing the business for sale and managing due diligence through to completion.

The team handled negotiations between a number of parties, which resulted in a deal to split the business into two parts to be sold separately.

Ripe Now’s logistics and packing division was sold to Pacific Produce – part of the Peru-headquartered fresh produce specialists LaCalera Group. The deal will enable the Oxfordshire-based Pacific Produce to expand its UK packing, chilling and distribution capacity to complement global operations. Shareholder Neil Gott will continue to run the operations and logistics side of the business within the Pacific Produce umbrella.

The business’ commercial mango trading arm, including its Peru-based farming operation, has been acquired by leading banana distributor SH Pratt, allowing the Luton-based company to expand its product range to include the supply of mangoes and other tropical fruits. Ripe Now and co-founders Julian Wright and Lewey Hook will remain with the import business, taking up key positions in a newly formed standalone division of SH Pratt Group called SH Pratt Group Tropical.

Chris Adlam, Partner at FRP Corporate Finance, said: “With a number of parties involved, and strong interest in two distinct parts of the business, this was a complex but successful sale process which delivered a great result for Ripe Now’s shareholders and other stakeholders across the business.

“Trade consolidation strategies are proving an increasingly attractive proposition for food importers amid increased costs and we look forward to seeing the combined businesses continue to grow in the years ahead as they each benefit from greater scale.”

Rob Cullum, Managing Director of Pacific Produce, said: “Ripe Now Packing have been our service provider for several of our product lines for more than 10 years giving us great service. The LaCalera group is dedicated to farming and the fresh produce chain. As a fourth-generation family business, we believe that we can add investment to the site where necessary and then leave the team to continue the excellent job that they do for all the customers under the capable leadership of Neil Gott.”

Lewey Hook, Co-founder of Ripe Now, said: “We are extremely proud to become part of the SH Pratt Group family. We look forward to bringing together our tight knit group of growers, exporters and customers, who we have dealt with for more than 15 years, to accelerate the business growth of the company in new and exciting areas.”