Fresh Direct and Brakes ownerBain Capital have created a new company, bringing together three of Bain’s fresh food businesses – M&J Seafood, Pauleys and Wild Harvest – with Fresh Direct.
The new company, which will operate under the Fresh Direct name, will be jointly owned by Bain Capital and Nigel Harris, the chief executive of Fresh Direct. Fresh Direct's owners, Nigel and Colin Harris, will continue to take an active role in the new company.
David Burns, the current managing director of Fresh Direct, will become chief executive of the new company. M&J Seafood, Pauleys and Wild Harvest will keep their brand names under the new arrangement, with staff at the three companies transferring to the new business following a consultation period.
Fresh Direct said the development would create an “all-in-one fresh food destination for chefs and caterers, for their produce, fish and seafood, meat and exclusive fine dining product requirements.'
Burns said: “When considering this opportunity, we needed to agree that it enhanced and added value to our business plans, giving due consideration to our customer requirements in a rapidly evolving market. I am, therefore, extremely excited at the decision we have arrived at. This opportunity stood out head and shoulders above other possibilities, was good for employees and provided broader opportunities for our customers.”
Ken McMeikan, Brakes Group CEO, added: “I am delighted to be entering into this joint venture with Fresh Direct, because of the significant opportunities this will create for customers in what is the fastest-growing part of the foodservice market.”
Jeff Scherer from Bain Capital said: “Bain Capital is excited to now be associated with two leaders in the UK foodservice industry – Fresh Direct and Brakes. As we got to know Fresh Direct and their leadership team, we were extremely impressed with the great quality of service Fresh Direct offered customers and the outstanding reputation the Fresh Direct team has across the foodservice market.”
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