Investment firm S-Ventures has expanded its portfolio with the acquisition of plant-based nutrition organisation Pulsin for £7.5 million.
Pulsin specialises in plant-based food, technology, production and sales, focusing on high fibre, protein and keto bars, as well as protein powders and shakes under its own brands and third parties. The company has reported gross sales of around £7.5 million in the last 12 months to 30 April 2021.
The acquisition is said to add significantly to S-Ventures health and wellness foods market and builds on its growing portfolio, which includes: a probiotic chocolate brand, Ohso Chocolate, and a plant-based plantain snacks business, We Love Purely.
S-Ventures has provided about £7.5 million as consideration for the acquisition, which includes a component that was deferred and contingent upon the net sales performance of Pulsin in the 12 months to 31 December 2021.
The venture capital company has also added a potential consideration to vendors, in which approximately £450,000 in cash has been reserved by S-Ventures with regards to potential liabilities of Pulsin.
“We are delighted to welcome the Pulsin team to the S-Ventures family and look forward to accelerating the progress Pulsin has made in establishing itself as a prominent brand in this space,” said Scott Livingston, S-Ventures’ CEO. “Pulsin is an important acquisition for S-Ventures and reinforces our brand presence, total infrastructure and opportunity for synergy.”
Simon Ashburner, Manging Director of Pulsin added: “We are delighted in the successful sale and move to S-Ventures and look forward to further developing the brand in the UK and internationally.”
© FoodBev Media Ltd 2021
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