Lotus Bakeries takes shareholding control of Nakd and Trek bars

  • 2 June 2020
  • News
The deal gives the Belgium food corporation 97.9% ownership of challenger company Natural Balance Foods, the maker of Nakd and Trek bars
Naked and trek bars sold to Lotus Bakeries
Photo as seen on Nakd bars Facebook page

Jamie and Greg Combs, the founders of Natural Balance Foods (NBF), have agreed to sell their majority stake in the company to Lotus Bakeries, the Belgium biscuit manufacturer. The deal gives Lotus 97.9% of ownership.

“We have great respect for what has been realised by NBF’s founders and it’s management team,” said Isabelle Maes, chief executive of Lotus Bakeries, as she recognised their vision of wholefoods snacking has been instrumental to the company’s growth.

Both companies have reached a mutual agreement on the share price. Lotus said that price paid represents a multiple of c1.7x the current year net sales.

The Combs brothers will remain on board as trusted advisors focusing on innovation and sparring partners. Both will keep 2.1% of the company.

Natural Balance Foods was founded by the two Californian brothers in 2004. The company manufactured wholefood snacks under the brand Nakd and Trek brands. The product line is free from gluten, dairy, wheat, and added sugars.

The Naked and Trek bars have been through skyrocketing sales in UK grocery stores, which paved the way for Lotus to join the company in 2015 by acquiring 67.2% of the shares in 2015.

Building on the strategic partnership, the Nakd and Trek brands expanded the product line and international distribution.

The brother Combs commented: “In 2015 New 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. We Look forward to exploring and championing the next generation of mind-blowing wholefood innovations and innovators.”

Jamie and Greg Combs will remain fully operational until 31 December. Gareth Dune, operations director an NBF, has been appointed as acting managing director, reporting to Maes, executive president NBF and chief executive of Natural Foods.