A private equity investor has taken on full ownership of a Suffolk seeds company.

Harwood Capital Management has increased its shareholding of Mr Fothergill's Seeds, based at Kentford, near Newmarket, to take full control of the group.

The business produces branded seed packets and horticulture products sold to gardening enthusiasts around the world.

In February 2022, the £50m turnover seed firm - employing 250 workers - was snapped up in a £100m-plus deal in a management buyout backed by Harwood Private Capital - which took a "material minority shareholding" and OakNorth Bank.

That deal saw the exit of Mr Fothergill’s founding shareholders – including former joint managing director John Fothergill.

The business continued to be led by managing director Dave Carey and the management team who were supported by new non-executive chair Matt Atkinson.

Under the latest deal chief executive Dave Carey will leave the firm.

The company was founded in 1978 by Brian Carey and Jeff Fothergill and continued under their sons, Dave Carey and John Fothergill, along with Aaron Whitehouse.

It owns and operates multiple brands with Mr. Fothergill’s at the core and supplies its ranges to more than 5,000 garden centres and retailers in the UK as well as online.

It has also been operating in Australia and New Zealand since 1989 where it has grown to become market leader. Strategic distributor relationships extend the group’s international reach into Canada, Europe and the Middle East.

Harwood has assumed control following infrastructure and workforce training investment including new servers, customer service software and the introduction of learning and development programmes.

Trevor Parker - a specialist adviser to private equity backed firms who has spent several months in the business - is returning to provide operational and strategic support to the management team.

“Mr Fothergill’s Seeds is a much loved, global brand with great products and loyal customers," he said.

"A business is rarely about one individual, and the family that is the Mr Fothergill’s Seeds team is no different.

"The Mr Fothergill’s Seeds family comprises a fantastic team of highly knowledgeable and experienced employees.

"I built a very close working relationship with them during the time I have already spent in the business. I look forward to building on that as we launch exciting new products and implement new systems and technology across the group.”

Dave Carey said: “I am proud of the part I have played in a business which has grown into the international operation it is today.

"However, after 23 years at Mr. Fothergill’s Seeds I now feel the time is right to leave, secure in the knowledge that the group is in the experienced hands of people who share the values that have underpinned its success to date.”

Jerry Wilson, partner at Harwood Private Capital, said: “Harwood is a long term, considerate investor committed to supporting our portfolio companies to realise their full potential.

"With Mr. Fothergill’s Seeds, we haven’t just invested in a company but in the entire family of talented and committed people who bring the brand and its values to life every single day, reinforcing the enviable reputation the business has earned.

“By capitalising on the increasing interest in gardening worldwide and the focus on environmental matters, we firmly believe there is an exciting future ahead for Mr. Fothergill’s Seeds and those who work within it.

“I also want to thank Dave Carey for the part he has played over the years and wish him well for the future.”