Humble Group has agreed to acquire Ewalco, a Swedish provider of ingredient solutions.
The acquisition price includes a fixed remuneration of SEK 110 million ($12.8 million approx.), paid in a combination of cash and shares, as well as an additional sum based on future EBITDA results.
Ewalco is a food tech group offering a wide range of ingredients, with a focus on food and sports nutrition. The group supplies a variety of markets with its solutions, including bakery, dairy, confectionery and meat, and owns two properties which are included in the deal.
The companies in the Ewalco group together recorded sales of SEK 279.3 million ($32.5 million approx.) for the past 12 months.
Most of Ewalco’s founders will continue operating the company for at least three years after the completion of the deal.
“Ewalco is a dream company to bring into the Humble Group, as a leading food-tech player for ingredients in the Nordic region and with a fantastic team of entrepreneurs, the opportunities will be enormous,” said Simon Petrén, CEO of Humble Group.
“We are now adding specialist expertise on the ingredients and R&D side, which enables faster expansion and commercialisation of Humble’s outstanding ingredient solutions Eureba and Navia.”
Mattias Petersson, CEO of Ewalco, said: “It feels incredibly exciting and fun that Ewalco is entering the next phase and becoming part of Humble.”
He added: “Together, we will now ensure that we drive the development of better products for humans and the planet.”
© FoodBev Media Ltd 2021
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