Keith Abel, who gave up the legal profession to set up a home-delivery company specialising in boxes of organic fruit and vegetables is poised to land a multi-million-pound fortune from the sale of a stake in Abel & Cole, his rapidly growing business.
The company was established as a door-door potato trader in 1988, after Abel failed his bar exams, and its founder is on the lookout for a new investor in the firm, which is worth up to £50 million.
According to The Times, two private-equity firms are leading the chase to buy into the business. They are European Capital, a mid-market firm that owns the Farrow & Ball paint company, and Phoenix Equity Partners, which has backed companies including luxury shoemaker Jimmy Choo.
Both are in negotiations with PriceWaterhouse Coopers, the firm advising Abel on the deal, although the talks may yet be widened to encompass more interested parties.
A&C has about 300 staff and generated £2.5m profit on sales of £19.8m for the year to August 2006, its most recent public posting.
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