Ashurst advised private equity group EmergeVest on the acquisition of a controlling stake in NFT Distribution Operations ("NFT"), the UK's leading chilled-food distributor. The acquisition from Phoenix Equity Partners was supported by a funding package provided by Investec Growth & Acquisition Finance.

NFT focuses on chilled food and drink logistics, distributing chilled goods across the UK and Europe. The business, which is headquartered at Alfreton in Derbyshire, has seven UK distribution sites and a workforce of approximately 1,900 employees.

Corporate partner David Carter commented: "This is an exciting acquisition for EmergeVest, who are keen to back management's plans for growth of this business. EmergeVest is a valued client and we are very pleased to have played a part in helping them achieve their strategic goals."

The Ashurst team was led by corporate partner David Carter, assisted by senior associate Nicola Burke, and trainee solicitor Francesca Downes. Senior associate Luke McDougall advised on the financing aspects of this transaction, assisted by associate Laura Ho, and solicitor Jess Rees-Hole. Partner Alexander Cox advised on the tax aspects, assisted by associate Phillippa Michie.