Global distribution and outsourcing conglomerate Bunzl has acquired a majority stake in Bristol-based catering powerhouse Nisbets for £339 million. Bunzl, operating in 31 countries, finalized the agreement with Nisbets’ parent company Key West Holdings.
In an announcement to the stock market on Monday (February 26), Bunzl disclosed its acquisition of an 80% share in the South West company. The transaction values Nisbets at over £500 million, pending customary regulatory approval.
With over 1,800 employees, Nisbets, headquartered in Avonmouth, will retain its management team post-acquisition. Founder Andrew Nisbet will assume the role of a non-executive director, with the family maintaining a minority interest in the company. Nisbets’ chair and chief executive, Peter Sephton, will continue in his position. 
A spokesperson for Key West Holdings stated, “Bunzl plc, a prominent British multinational distributor, shares Key West Holdings’ dedication to the food-service industry. As the majority owner of Nisbets for many years, Key West Holdings has witnessed Nisbets evolve into one of the largest multinational distributors of foodservice equipment and supplies in the UK and Ireland, Northern Europe, and Australasia.”
“Bunzl is set to acquire a significant stake in Nisbets, which, with its respected management team, complements our operations in the catering equipment sector, enhancing our brand offerings and digital capabilities,” remarked Frank van Zanten, Bunzl’s chief executive officer.
Established in 1983 by Andrew Nisbet, Nisbets has transformed into an omni-channel distributor of catering equipment and consumables. In the fiscal year ending December 31, 2023, Nisbets reported revenues of £498 million, with a pro-forma profit before interest, tax, and amortization of £40.2 million, and total gross assets amounting to £242 million.
