Wed, 04 Aug 2021 | MBO/MBI
Private equity firm Elysian Capital has acquired cereal bar maker Wholebake through a management buyout (MBO). Former owner Bridges Fund Management, which backed a previous MBO at the firm, will remain with Wholebake as a minority investor.
The deal is part of Elysian’s acquisition of Wholebake’s parent company – Healthfull Holdings Group Limited – through its £325 million Elysian Capital III LP Fund. The deal closed for an undisclosed sum and saw Elysian work in conjunction with Wholebake’s CEO Simon Faithfull and Chairman Peter Unsworth.
The acquisition comes amid a boom in health food M&A, driven by consumers increasingly opting for healthier alternatives to snack foods. Wholebake produces a wide range of gluten-free snacks, such as protein, flapjack and muesli bars. It manufactures for both third parties, such as Nakd and Trek, and for its own brands, which include Bounce, Nine and Brynmor.
Elysian Capital partner Ken Terry commented: “The snack bar market is a highly attractive and growing space as consumers continue to transition away from traditional confectionery into tasty and healthier alternatives. Wholebake is the go-to co-manufacturer for brands and retailed own label in the UK.”
Terry added: “Elysian are very pleased to be supporting the team as they continue to grow the business’s branded and own label offerings.”
The company was founded in 1984 and has experienced rapid growth since its initial MBO in 2011. At the time, the firm’s revenues stood at around £4 million, rising to £11 million by the time of its 2014 Bridges-backed MBO. Wholebake’s most recent accounts, for the year ending March 31 2020, show it generating revenue of £26.3 million with operating profits of close to £800,000.
Oliver Wyncoll, who led Bridges Fund Management’s investment, said: “We firmly believe the business is very well-positioned for continued success in the coming years; so we are pleased to have the opportunity to remain as a minority investor, supporting the business and Elysian in the next exciting period of growth.”
Wholebake Chairman Peter Unsworth said: “Simon and I are proud to have played our part in that journey over the past three years and we would like to thank Bridges Fund Management for their support during our time here. We now look forward to the next chapter in the Wholebake story with our new partners, Elysian Capital. Their values and culture strongly align with our own and we are delighted that they will be partnering with us in Wholebake’s next phase of growth.”
Find businesses for sale here.
If you are looking for an exit, we can help!
Popular and well-regarded Sushi and Ramen restaurant and takeaway, which is situated in a prime city centre location in Norwich. The premises are set over three floors and are presented to an extremely high standard throughout and offers the opportun...
LEASEHOLD
Superb high-turnover fish & chip, and additional adjoining takeaway outlet, currently offers pizza, but would suit all types of fast food, or could be used as a eat in/dining area which it has been used for in previous years. Situated in the affluent...
LEASEHOLD
Revered restaurant business located in the heart of Derbyshire with an operational history exceeding 35 years, this establishment has been an epicurean beacon, offering an array of world and modern European culinary delights. The restaurant's prime l...
FREEHOLD
26
|
Apr
|
Major double glazing firm Everest enters administration | ADMINISTRATION
Everest, one of the largest providers of double-glazing in t...
26
|
Apr
|
Kent-based scientific consultancy sold to US firm | BUSINESS SALE
A4P Consulting Limited, a scientific consultancy company hea...
25
|
Apr
|
Ambulance services provider acquired in pre-pack deal | BUSINESS SALE
Elite Emergency Medical Services Ltd (Elite EMS), an ambulan...
23
|
Sep
|
Elysian Capital’s Wholebake acquires Deeside Cereals to create new group | MERGER
Elysian Capital has acquired cereals and cereal bar maker De...
20
|
Oct
|
Two care homes and a hotel close due to administration | ADMINISTRATION
A company that manages two private care homes in the Midland...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.