Malcolm Walker has bought back Iceland, the company he founded, from its Icelandic investors.
Walker said he was “utterly delighted” to secure the deal.
“I know that this will be warmly welcomed by our 23,000 staff, whose responses to the recent Best Companies survey gave us the supreme accolade of Best Big Company to Work For in the UK in 2012,” he said.
“It is also great news for our suppliers and our five million customers, who will continue to benefit from our commitment to bringing them continuous, genuine product innovation, outstanding value and the best service on the high street, together with our unique home delivery service.”
The buyout is backed by an £860m all-senior debt package funded by Credit Suisse, Deutsche Bank, HSBC, Nomura and RBS, as well as a £250m vendor loan note.
“Our new equity partners in the business are like-minded entrepreneurs who share our belief in doing the right thing in the long term interests of our people and customers,” Walker added.
“We all look forward to working with them to build on the outstanding success that Iceland has achieved as one of the UK’s best performing food retailers since the current senior management team returned to the company in 2005.”
In a statement, Landsbanki said: “Landsbanki’s board of directors believes that the Transaction achieves Landsbanki’s objective of maximising the proceeds from the sale of its shares in Iceland Foods and delivering the best possible returns for the bank’s creditors.”