Thu, 18 Apr 2013 | DIVISION SALE
Surrey-based Wellness Foods is said to be considering a sale of its honey brand Rowse, with the reported appointment of Rothschild to provide assistance.
Wellness bought the honey brand for about €60 million (£51.4 million) in September 2006, just over one year after it was established in July 2005.
Wellness set about expanding through acquisitions, with a string of purchases commencing shortly after being set up. Its first acquisitions were Orchard House Foods and Paradise Foods in December 2005.
After buying Rowse it then added fruit snack firm Stream Foods in February 2007, and in the following month fruit juice supplier Grove Fresh, then Dorset Cereals in March 2008 to its portfolio.
Denis Brosnan, formerly the boss of Kerry Group, drove the expansion efforts alongside his private equity firm Lydian Capital. The deals were mainly backed by the Bank of Ireland and AIB.
Bank of Ireland, AIB Group (UK) and the Bank of Scotland are now large stakeholders in Wellness Foods.
Wellness Foods held €156 million (£133 million) in senior debt with Banks of Ireland and AIB at the close of 2011. Its recent financial figures are more positive, with an increase in turnover to €260 million (£222 million) and a return to profitability.
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