9 August 2002

Greenvale buy-out

GREENVALE AP, one of the UKs largest suppliers of fresh potatoes, has been bought by its own management for £12.5m.

The offer, made by the companys directors with the backing of Lloyds TSB, was accepted unconditionally by investors 3i and RBDC, who funded the original management buyout from Dalgety in 1996.

"The time is right for the management team to realise its long-held ambition to own the business," said chief executive Alan Owens.

The company has grown considerably over the past six years, merging with Anglian Produce in 1999 to become the UKs biggest potato supplier.

"We want to continue that progress and we are looking at further acquisitions and partnerships," said Mr Owens. &#42