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Risk Capital Partners, the buyout house founded by Luke Johnson, has sold Seafood Holdings to Bidvest, the South African owner of the UK food distribution business 3663, in a £45m (€53.1m) deal.

Risk Capital Partners first backed Seafood Holdings founder Toby Baxendale in 2006, taking a 24 per cent stake in a deal valuing the company at £16m. Baxendale was eager to exit, which was the catalyst for the sale to 3663.

“Bidvest was the natural buyer because it owns 3663, which already supplies a number of the same customers as Seafood Holdings, except it has never supplied fish, so this deal makes sense,” said Risk Capital Partners’ Ben Redmond.

Risk Capital Partners provided development capital funding for a Seafood Holdings’ buy-and-build programme in fresh fish distribution in the UK, and supported eight bolt-on acquisitions. During the firm’s period of ownership, revenues climbed from £35m to £80m and profits trebled.

“This was a genuine off-market deal for us. We had a conversation with the founder and we worked together to develop the business from a company focused on London and the South East into a genuine national player,” Redmond said.