Wholebake gets new partner for next growth phase
We’re delighted to announce that Elysian Capital has acquired a majority stake in Wholebake, the healthy snack bar manufacturer that has created over a hundred jobs at its BRC AA-accredited production facilities in North Wales.
This new investment represents a successful exit for the Bridges Sustainable Growth Funds, which initially invested in Wholebake in 2014. In partnership with management, the Bridges team has helped to build Wholebake into the UK’s leading manufacturer of healthy gluten-free snacking products.
In the last few years, the Bridges team has supported management to expand production facilities, optimise processes to improve productivity, increase product diversification and secure long-term contracts with third parties. In addition to growing its own brands (Brynmor, Nine and Bounce), Wholebake has also established itself as the premier snack bar co-manufacturing partner to companies like Natural Balance Foods (owner of Nakd and Trek brands) and leading supermarkets like Tesco, Morrisons and M&S. All told, this has enabled the company to triple revenues since 2014.
Wholebake also contributes positively to its community, having established itself as an important local employer. During our ownership, the number of employees has more than doubled to over 230 people, and it has focused on building a high-quality work environment, which has reduced attrition rates to well below industry averages. It has also actively supported a number of charitable initiatives in its local community. In recognition of this commitment – and its focus on healthier snacking – the company was certified as a B Corporation earlier this year.
We continue to believe that Wholebake has huge growth potential – so as part of the deal, we have secured the option to re-invest alongside Elysian. Hopefully this means the business can continue to draw on Bridges’ value creation and impact management expertise as it embarks upon its next exciting growth phase.
Peter Unsworth, Wholebake chairman, 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.”
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