(Sharecast News) - The founder of Nisbets, a privately-owned catering equipment company, is reportedly in talks about a potential sale to Bunzl that would value the firm at between £450m and £500m.
According to Sky News, Andrew Nisbet, whose business has become a multinational distributor to the food service sector, is in advanced talks with FTSE 100 distribution and outsourcing company Bunzl about a deal that could be struck within weeks.
If completed, it would propel Nisbet, who founded the company in 1983, and his family into the ranks of Britain's wealthiest people, Sky said.
City sources told Sky that Bunzl had emerged as the likeliest buyer of Nisbets during talks with the company's advisers at Goldman Sachs in recent weeks.
In the latest three years, Bunzl has spent an average of £425m on buying smaller companies in its sector.
It was unclear on Thursday whether any other bidders remained in the frame to buy Nisbets, which boasted sales in 2021 of £420m, showing a 34% increase on the previous year.
Bunzl (BNZL)