PRIVATE equity vehicle Inverleith LLP has gobbled up a majority stake in premium chocolate brand Montezuma’s.

The multi-million pound deal marks a further foray into food for the Edinburgh enterprise, which has already secured majority positions in Good Hemp, which makes plant-based drinks and supplements, and London supermarket chain Planet Organic.

Investment from Inverleith LLP – which recently closed its fund at €60m – will be used to expand distribution of the “artisanal” products, which are stocked by Waitrose, John Lewis and Selfridges, amongst other retailers.

Based in Chichester, the 18-year-old company employs 150 people and has a turnover of £8 million.

It will now seek to build the brand in overseas markets and to “continue its focus on chocolate innovation”.

This follows on from products such as its “ground breaking” 100% cocoa line Absolute Black and non-dairy offerings for the vegan market.

Co-founders Helen and Simon Pattinson will retain a “significant” minority shareholding and will continue as board directors and brand ambassadors.

Inverleith LLP managing partner Paul Skipworth – a former whisky executive who led the Glenmorangie Company – said: “Montezuma’s is a fantastic addition to Inverleith’s expanding portfolio of consumer investments.

“Montezuma’s long-standing ethical position and track record of innovation position the brand perfectly to capture strong consumer desire for authentic, premium, artisanal brands.

“It is already a leading player in the high growth segments of the chocolate market with enormous opportunity for the brand both in the UK and internationally.”

Stepping back from the day-to-day running of the company, Helen Pattinson commented: “We are delighted to have secured Inverleith LLP as the majority investor into Montezuma’s.

“After 18 years at the helm, we knew this was the right time to seek additional investment and the right partner.

“It was extremely important for us to find and work with an investor partner who would recognise and respect the company and brand we have created and love, our values, our innovative approach and the quality of our products.”

And Simon added: “We feel Inverleith fully understands the brand’s future, shares our continued passion for what we have developed and will ensure that we capture new opportunities for the brand both at home and overseas.”

Paying tribute to the founders, Michael Atkinson, Inverleith LLP operating and brand director, said the pair had “have built a flourishing British business from the ground up and established Montezuma’s as one of the most innovative and exciting chocolate manufacturers around.”

Atkinson went on: “We are looking forward to working with Helen and Simon to bring the fun, joy, values and quality of Montezuma’s to a host of new consumers.”