Organic-food purveyor Abel & Cole has sold a majority stake in
the business to Phoenix Equity Partners. The deal reportedly
values the company at £30 million-£40 million.
Phoenix partnered with company founder Keith Abel as well as the
current management team. “Abel & Cole is a wonderful story
of an entrepreneur turning a vision into reality,” said
David Burns, partner at Phoenix with responsibilities for
investments across the consumer sector. “Keith and his
management team have built a great business, which has remained
loyal to its core value”.
Abel founded the company in 1988, selling potatoes door to door.
The business then branched out into other organic products and
now sells meat, fish, dairy products and other groceries
alongside its fruit and vegetable offering.
“I didn’t want to be shunted into retirement,” Abel
said. “Phoenix will let us carry on doing what we’re best
at and support us with the rest of it”.