Private equity firm Elysian Capital has acquired a majority stake in Healthful Holdings Group, parent company of UK snack manufacturer Wholebake, from Bridges Fund Management.
The deal marks the second investment in the last month from the Elysian Capital III LP Fund, which closed last September at £325 million.
Founded in 1984, Wholebake co-manufactures healthy, gluten-free snacks for third-party brands from its facilities in North Wales, as well as its own brands including Brynmor, Nine and Bounce.
The company’s portfolio includes muesli, flapjack and protein bars, targeted at weight management, sports nutrition, toddler snacking, vegan-friendly and better-for-you brands.
Following the transaction, Bridges will remain a minority investor in Wholebake and will continue to support the company’s next period of growth. Since its ownership in 2014, Bridges says Wholebake’s revenues have tripled, 112 permanent jobs have been created and the business has achieved B Corp certification.
“For the last 30 years Wholebake has worked closely with its brand partners to create great tasting and healthy snacks, and firmly established itself as a major employer in the local community,” said Peter Unsworth, chairman of Wholebake.
He continued: “Simon [CEO] and I are proud to have played our part in that journey over the last 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.”
Ken Terry, partner at Elysian Capital, added: “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. Elysian are very pleased to be supporting the team as they continue to grow the business’s branded and own label offerings.”
© FoodBev Media Ltd 2021
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