Innovative Bites acquires Hancocks
Innovative Bites has acquired Hancocks Holdings, a UK supplier of wholesale sweets, from H2 Equity Partners and management for an undisclosed sum.
This is the second major acquisition for the confectionery importer and wholesaler in the last 12 months. In April 2016, Innovative Bites purchased Bonds of London, one of the UK’s oldest confectionery businesses, 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. Hancocks offers in excess of 5,000 branded and own label products across 20 UK sites, while Innovative Bites boasts over 3,500 products, 7,000 retail customers and brands, including Bonds of London and Baking Buddy ‘Mega Marshmallows’.
Founder and owner of Innovative Bites, Vishal Madhu, explains, “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.”
Hancocks exiting chairman Mark Watson said the acquisition is good for both businesses. He notes, “Hancocks adds to Innovative Bites a successful management team that have developed a strong product and customer base. Combine this with Innovative Bite’s American range and Bonds of London’s flexible packaging facility, and it will be a unique proposition in the confectionery category.”