Bulgarian food group Smart Organic has acquired the UK-based vegan chocolate brand LoveRaw and its assets out of administration for an undisclosed sum.
Founded in 2013 by Manav and Rimi Thapar, LoveRaw developed a range of palm oil-free and dairy-free chocolates, including Cre&m Wafer Bars, Peanut Butter Cups, and Nutty Choc Balls.
Go deeper with GlobalData
The products were stocked in UK supermarkets such as Tesco, Asda, Waitrose, Ocado and The Co-op, along with Whole Foods Market.
At its peak, the company generated revenues of £3m ($4m) and sold its products in 13,000 retail outlets across 25 countries, according to a statement from Smart Organic.
LoveRaw entered administration on 16 April following “investment and supplier challenges” that caused operational disruptions and a “rapid decline” in revenues, the Bulgarian food group said.
The sale of the company’s assets and brand was completed through an “accelerated M&A process” to Bettr Food, a subsidiary of Smart Organic.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataFollowing the acquisition, Smart Organic is relocating LoveRaw’s production to its own newly built facility in Bozhurishte, Bulgaria.
The Bulgarian company expects the integration to drive “significant synergies”, expanding LoveRaw’s portfolio and opening access to “new markets”.
Yani Dragov, CEO of Smart Organic, said: “LoveRaw’s innovative approach and strong brand identity complement our existing portfolio, and we are excited to support its growth and expansion in the UK and beyond.”
Smart Organic added that it aims to generate “medium-term” revenues of £6m to £9m from LoveRaw-branded products, plus additional income from regional private labels.
In 2023, Smart Organic snapped up insolvent Germany-based nut butter maker Naughty Nuts.
Smart Organic, founded in Sofia in 2009, produces and distributes over 1,300 organic plant-based food products and owns brands including Bett’r, Naughty Nuts, Roobar, Dragon Superfoods, and Kookie Cat.
The company operates in more than 60 countries and is listed on the Bulgarian Stock Exchange, with a current market capitalisation exceeding €150m ($170.4m).
