©Natural Balance Foods
Lotus Bakeries, the maker of Biscoff cookies and cookie butter, has agreed to acquire the majority of the remaining stake in Natural Balance Foods, taking its ownership to 97.9%.
The deal will see Lotus Bakeries purchase the stake from Natural Balance Foods’ founders Jamie and Greg Combs.
Founded in 2004, Natural Balance Foods (NBF) is a British company that offers a wide range of wholefood bars – which are free from gluten, dairy, wheat and added sugars – sold under the Nakd and Trek brands.
Lotus Bakeries initially entered into a strategic partnership with the UK company in 2015, after acquiring a 67.2% stake. Meanwhile, the founders remained actively involved in the day-to-day management and operations of NBF.
According to the companies, the partnership combined the founders’ vision on wholefood snacking with Lotus Bakeries’ international network, which in turn has driven growth of both NBF brands in the UK and internationally.
NBF founders Jamie and Greg Combs said: “In 2015, Natural Balance Foods and Lotus Bakeries joined forces to help advance ‘The Wholefood Revolution’. That long-term strategic alliance has been wonderfully successful and happily continues.”
Natural Balance Foods says it is now ready to move on to its next phase.
The founders of NBF will remain fully operational until the end of this year and following completion of the deal, they will remain on the board as trusted advisors, while continuing to hold a 2.1% shareholders stake.
Isabelle Maes, CEO of Natural Foods within the Lotus Bakeries, said: “We have great respect for what has been realised by NBF’s founders and its management team, not only in terms of its growth, which is truly impressive but particularly by their vision of wholefood snacking.
“Greg and Jamie have therefore been instrumental for the growth of the business not only in sales value, but also in bringing to market an innovative product range.”
While the financial details of the deal were not disclosed, it reportedly represents 1.7 times NBF’s current year net sales.
© FoodBev Media Ltd 2020