Project Oak | Confidential investment summary, October 2026Preliminary draft | Strictly private and confidential
Profitable, founder-owned specialist food distributor
UK; chilled and ambient; own label; two sites; 120 trade customers
The opportunity
The Company supplies chilled and ambient food to independent retailers and caterers across the UK under its own and third-party labels. Revenue has grown every year since FY22A, at a 10.6% CAGR, and a second site opened in FY24A has added capacity for own-label lines. The shareholder is exploring a sale and will support a transition.
Investment highlights
- 22 years of continuous trading; no customer above 12% of revenue
- Top five customers at 41% of revenue, on multi-year terms
- Own label at 18.0% of FY25A revenue, up from 9.0% in FY22A
- Second site gives headroom; management willing to remain
Key metrics
£18.4mFY25A revenue
£3.1mFY25A Adj. EBITDA
34.0%Gross margin
120Trade customers
10.6%Revenue CAGR, 3 years
18.0%Own label, FY25A
£ in millionsRevenueAdj. EBITDA
13.62.2FY22A
14.92.4FY23A
16.62.8FY24A
18.43.1FY25A
20.13.2FY26E
Financial summary (£ in millions, FYE December)
| FY22A) | FY23A) | FY24A) | FY25A) | LTM Sep-26) | FY26E) |
|---|
| Revenue | 13.6) | 14.9) | 16.6) | 18.4) | 19.7) | 20.1) |
| growth | NA) | 9.6%) | 11.4%) | 10.8%) | NA) | 9.2%) |
| Gross margin | 32.1%) | 32.8%) | 33.4%) | 34.0%) | NA) | 34.2%) |
| Adj. EBITDA | 2.2) | 2.4) | 2.8) | 3.1) | 3.1) | 3.2) |
| margin | 16.2%) | 16.1%) | 16.9%) | 16.8%) | 15.7%) | 15.9%) |
| Capex | (0.4) | (0.5) | (1.4) | (0.6) | NA) | (0.6) |
A limited number of further parties are being approached. NDA required before the information memorandum is released. Indicative offers by 13-Nov-26. All enquiries through the adviser only; do not contact the Company, its staff, customers or suppliers.
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