Private equity firm 3i has sold its minority stake in discount frozen food supermarket Frozen Value to its management.

MD Kevin Gunter and FD Karen Rees have taken full ownership of the chain, which trades under the Jack Fulton and Fulton Foods fascias. 3i took a stake in the retailer in 1997. The discounter, which is 25th on The Grocer's Top 50 independent grocery retailers, trades from 95 stores in the north of England and now plans to open more stores.

"After 14 years of working with minority private equity involvement I am delighted we have managed to take the business into 100% private ownership," said Gunter. "This opens up new opportunities for the business to move forward."

The buyout is the second in The Top 50 in as many months. In January, Mike Colley, MD of CTN operator Rippleglen, finally secured a vendor-assisted MBO after a four-year wait.