Food wholesaler enters ‘exciting new chapter’ after GrubMarket deal

A North East fresh produce wholesaler has been acquired by a US food technology company in a landmark cross-border deal.

Team Valley-headquartered JR Holland, which generates around £35 million in annual revenue, has been bought by San Francisco-based GrubMarket, marking the technology group’s first acquisition in the UK.

Established by John Holland in the early 1980s, JR Holland has supplied fresh produce across the North East and beyond for more than 43 years and employs over 120 people.

Its customers include restaurants, hospitality venues, foodservice operators, schools, NHS trusts and other public sector organisations.

Bosses say the deal will provide JR Holland with access to GrubMarket’s technology platform, including supply chain software and artificial intelligence tools, helping digitise operations, improve efficiency and enhance customer experience.

They add the business will retain its existing brand and management team, providing continuity for customers, employees and suppliers.

John Holland, founder of JR Holland, said: “Joining GrubMarket marks an exciting new chapter for JR Holland, our employees and our customers. 

“GrubMarket recognised the strength of the business and our management team from day one, and I am confident that, with their backing, technology and resources, JR Holland is exceptionally well positioned for its next phase of growth.

“I am incredibly proud of what we have achieved over more than four decades and would like to thank RG Corporate Finance and our wider advisory team for their support throughout the transaction.”

Mike Xu, chief executive of GrubMarket, added: “JR Holland has built an outstanding legacy over more than four decades, with strong customer relationships, high-quality operations and a dedicated team. 

“We are thrilled to welcome JR Holland into the GrubMarket family through our first acquisition in the UK.

“Expanding into the UK is an important milestone in our mission to digitise the global food supply chain. 

“We look forward to working alongside JR Holland’s management team and empowering the business with our technology, capital and global resources to support its continued growth.”

For GrubMarket, the acquisition represents the latest stage of an international expansion strategy combining proprietary technology with food wholesale and distribution businesses.

The transaction was advised by RG Corporate Finance (RGCF) on behalf of John Holland.

Nick Johnson, corporate finance partner at RGCF, led the deal, supported by corporate finance managers Euan Mulholland and Andy Alexander.

RG’s wider team included tax partner Simon Whiteside, a longstanding adviser to JR Holland, and tax director Simon Hopwood.

Nick added: “JR Holland is a fantastic North East business with an outstanding reputation built over more than four decades. 

“GrubMarket's decision to make JR Holland its first UK acquisition is a strong endorsement of the business John has built and provides an exciting platform for its next phase of growth.

“It has been a pleasure to advise John throughout the transaction and to work alongside colleagues across RG and the wider advisory team to deliver a successful outcome.”

Shareholders received legal advice from Philip Ashworth, Nicole Waldron, Grace Hansen and Kirsty Barby of Andrew Jackson Solicitors, with additional advice provided by Ward Hadaway and Womble Bond Dickinson.

US legal advice to GrubMarket was provided by O’Melveny Myers Smith, while WilliamsMarston carried out financial due diligence and Deloitte provided tax due diligence.

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