The acquisition of Deeside represents the first add-on by Elysian, the private equity firm, after its acquisition of Wholebake - winner of Free From Manufacturing Company of The Year in the 2021 Food Manufacture Excellence Awards - on 31 July 2021. It is purchasing Deeside from Agrotech Impex PTE. Terms of the deal have not been disclosed.
Deeside Cereals is a manufacturer of private label breakfast cereals and cereal bars for leading food retailers.
Wholebake, also based in North Wales, is a co-manufacturer of healthy snacking products and co-produces bars and other snack formats for customers across a range of sectors alongside their own brands Bounce, Nine and Brynmor.
Elysian said the latest acquisition would bring together Wholebake and Deeside Cereals to form a new combined group operating in the bar and cereal categories.
Peter Unsworth, non-executive chairman and Simon Faithfull, chief executive of Wholebake is lined up to lead the new combined group with a focus on innovating and driving growth in both the expanding snack bar category and the own label cereal market.
Unsworth said: “Wholebake and Deeside Cereals are a great fit with complementary capabilities. We share similar values and ethics and a passion for innovation to meet emerging consumer needs and efficient service to meet customer demands. By coming together, we can continue to add value and lead the way in the expanding snack bar category and own label cereal markets.”
Ken Terry, chief executive at Elysian Capital, said: “By combining the two businesses we believe we have created the premier contract manufacturer of snack bars and cereals in the UK and diversified the Group’s offering into another strand of the healthy food manufacturing space."
Elysian Capital was advised by Stephenson Harwood; Aon, ERM, Crowe Clark Whitehill, Spayne Lindsay and Food Strategy Associates. Working Capital facilities were provided by Shawbrook Bank.