Elysian Capital III acquires Wholebake Limited in partnership with management team
Elysian Capital III has, in conjunction with the existing management team, acquired Healthfull Holdings Group Limited (parent of Wholebake Limited) from Bridges Fund Management.
This represents the second investment in the last month from the Elysian Capital III LP Fund which closed in September 2020 at GBP325 million.
Founded in 1984, Wholebake is the UK’s leading manufacturer of healthy gluten-free snacking products. Based in Chester, with two BRC AA-accredited production facilities situated in North Wales, Wholebake's current portfolio includes a variety of product types including weight management, sports nutrition, toddler snacking, healthy indulgence, vegan-friendly, digestive health and mainstream better-for-you brands.
Under the management and leadership of Peter Unsworth (Chairman) and Simon Faithfull (CEO), Wholebake has established itself as the premier snack bar co-manufacturing partner to third-party brands, as well as its own brands Brynmor, Nine and Bounce.
Peter Unsworth, Chairman, says: “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. Simon and I are proud to have played our part in that journey over the last 3 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, says: “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. We have been highly impressed by the team culture and community feel Peter and Simon have fostered, and the strength and calibre of the people across the whole organisation. Elysian are very pleased to be supporting the team as they continue to grow the business’s branded and own label offerings.”
Oliver Wyncoll, who led the investment for Bridges, says: “We are delighted by the strong progress Wholebake has made since Bridges invested: revenues have tripled, many high-quality jobs have been created and the business has achieved B Corp certification. 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.”
Elysian Capital was advised by: Stephenson Harwood (Legal); Aon (Insurance); ERM (Environmental); EY (Financial); BDO (Tax); Spayne Lindsay (Corporate Finance); and Food Strategy Associates (Commercial and Operations). Wholebake shareholders, Bridges Fund Management and management were advised by: Grant Thornton (Corporate Finance and Tax); Ernst & Young (Financial), and Addleshaw Goddard (Legal). Working Capital Facilities were provided by Barclays Bank.