A specialist caterer in the education sector has completed an £11m management buyout backed by a £5.2m investment from private equity house Key Capital Partners (KCP).
AiP, which is based in the West Midlands, will use the deal to accelerate its growth plans within the education catering sector.
Established in 1998, AiP is one of the leading specialist educational catering providers, operating over 170 school catering contracts and feeding more than 35,000 pupils a day across central England and West London.
It employs 800 staff and generates annual sales of £14m.
KCP has acquired a majority stake in AiP, with senior debt facilities being provided by the Yorkshire Bank acquisition finance team in Birmingham.
David Weller, managing director at AiP, said: “KCP share our vision for growth whilst maintaining the foundations of quality and excellent customer service on which the company’s success has been built.”
Richard Thomas, investment director at KCP, added: “David and his team have consistently grown the business year-on-year, based on their unwavering focus on delivering high quality, nutritious meals at guaranteed costs.
"We look forward to working with them to continue to grow and develop the business. In adition, the introduction of universal free school meals for all pupils in key stage one provides the business with an exciting growth opportunity."