Private equity house enters “highly attractive” snack bar market for undisclosed sum
Bounce Energy Ball maker Wholebake has been acquired by private equity (PE) house Elysian Capital for an undisclosed amount.
The transaction is part of Elysian Capital’s larger acquisition of Wholebake parent-company Healthful Holdings Group from Bridges Fund Management.
Based in Chester, Wholebake manufactures gluten-free snacks covering a variety of categories including sports nutrition, plant-based and toddler snacking.
The company is comprised of 360 staffers and operates two production facilities situated in Corwen and Wrexham.
Commenting on the purchase, Wholebake chairman Peter Unsworth said: “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 Faithfull (CEO) 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,” he added.
Ken Terry, partner at Elysian Capital, said: “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,” Terry added.
Law firm Stephenson Harwood LLP advised Elysian Capital on the transaction.
Elysian Capital was founded in 2007 by Ken Terry and Dr Chai Patel. This is its second acquisition in the last month, following the purchase of cooling and heating equipment specialist Cross Rental Services on 2 August.
In 2019, Wholebake rescued Bounce Foods from administration, acquiring it for an undisclosed sum.
Date published: 4 August 2021