Media Release
Friday 25th June 2010
Heineken UK agrees sale of WaverleyTBS to Manfield Partners.
Heineken UK has today announced the sale of WaverleyTBS (WTBS) to investment and advisory firm Manfield Partners for an undisclosed sum. The sale will allow both Heineken and WTBS to focus on their respective businesses and to build on long term strategies.
Manfield Partners has a strong track record in transforming businesses with growth potential. They have invested in the new venture alongside third party funding and WaverleyTBS’s existing management team. WTBS will operate as an independent drinks wholesaler within the UK and will retain the current senior management team led by Jonathan Townsend, WTBS Managing Director.
Stefan Orlowski, Managing Director for Heineken UK, commented on today's announcement: "We are very pleased to have agreed this deal with Manfield and it provides a strong position for all three parties. From a Heineken perspective, the sale enables us to better concentrate attention on our core business; and to focus investment behind our brands. For WTBS, it builds on a successful restructuring programme already in place, and the new owners will be well placed to develop the business further, bringing the focus and strategic direction that will come from independent operation. Importantly, Manfield recognises the quality of people we have in WaverleyTBS and that they will be critical to long term success."
WaverleyTBS will retain a number of commercial agreements with Heineken UK including a brand supply agreement and trading incentives.
A new board structure will be put in place which will involve both members of the WTBS and Manfield management teams. Mark Gerken has stepped down from his role as Chairman of WTBS.
Today's announcement will have no impact on current WTBS employees, who will retain existing terms & conditions of employment and continuity of service. WTBS will retain its main offices in Hemel Hempstead but will continue with a planned programme of restructuring as already announced.
Jonathan Derry-Evans, representing Manfield, commented “The opportunity to acquire WTBS from Heineken is an exciting prospect and we are pleased that we have been able to reach an agreement that offers benefits to all parties. As an investment partner, we can take WTBS forward on an independent basis and offer strategic focus and direction to a business with huge growth potential. We have already been impressed by WTBS's restructuring plans and have every confidence in the management team to deliver ambitious plans for the future."
Jonathan Townsend, Managing Director of WTBS added " Whilst we have today announced new ownership, it is very much business as usual for our team and our customers. It is important for us to carry through the plans we have in place and to set our sights on a sustainable long term future. The Manfield team will help us realise these ambitions and consolidate our position as the UK's leading specialist drinks wholesaler."
A mutually agreed transition plan has been put into place and it is not expected that this transaction will require any competition or regulatory approval. WTBS subsidiary United Wine Merchants, operating in Northern Ireland, is not included in the sale and will remain part of Heineken UK. Albacore Partners is acting as sole financial adviser for Heineken UK in connection with this transaction.
Notes to editors
Manfield is an investment and advisory group comprising a small number of experienced senior executives and investment professionals. Their approach is based on "doing" rather than simply "advising" and the team can get involved as an independent party developing financing and delivering a company's strategy.
In addition to their own funds, Manfield has been able to attract significant third party investment to the venture.
Manfield was founded in 2009 and comprises 5 partners including Jeremy Blood, former MD of S&N. Members of the team have a strong history of transforming business through performance improvement, turnarounds; acquisitions led organic growth in a range of sectors.
For more information please contact:
Nigel Pollard, Heineken UK: +44 (0)7785 531756
David Jones, Heineken UK: +44(0)1784 468672
nigel.pollard@heineken.co.uk
david.jones@heineken.co.uk
Jackie Trousdale, WaverleyTBS +44 (0)7717 361485
Jackie.Trousdale@waverleytbs.co.uk
Broadgate Mainland for Manfield:
Mark Knight+44 (0)20 7726 6111 +44 (0)7803 758810
mknight@broadgateminalnd.com