Mid-market private equity firm Langholm Capital has acquired Purity Soft Drinks through a management buy-in (MBI).
The investor has supported new CEO Garry Nield, who led the deal, as the company looks to push forward with its growth strategy.
Founded in 1892, Purity supplies fruit juices and soft drinks. According to the business it is one of the last remaining returnable-bottle soft drinks operations in the UK.
As part of the deal, Mike Cox will continue as production director and retain a ‘significant’ shareholding. Tim Cox has retired on the back of the deal, with Nield assuming his responsibilities.
Mike Cox comments, ‘This is an exciting next phase for the development of Purity. Garry has extensive experience in the wholesale channel from his time as CEO of Red Mill Snacks and Langholm have a proven track record of growing businesses.’
Langholm Capital’s experience in the consumer business sector comes through the investments it has made in Tyrrells Potato Crisps (£30 million), The Bart Ingredients Co and Dorset Cereals.
The MBI is the third deal completed using Langholm’s second fund, of which 40 per cent is now invested.