S-Ventures, a UK early-stage investor focused on natural and organic consumer brands, has taken a controlling stake in local better-for-you snack maker We Love Purely.
Publicly-listed S-Ventures has acquired a 75.1% interest in Purely through the issuance of 1,529,267 ordinary shares in the investor company – equating to approximately GBP137,600 (US$188,959) at the time of the agreement – to the shareholders of Purely, along with a cash payment of GBP30,000 to repay an outstanding shareholder loan.
Purely, based in Birmingham in the English Midlands, manufactures a plantain crisp product, Purely Plantain Chips, sold in the UK and Dubai. It sells into high-end retailers including Harrods, Selfridges and Harvey Nichols, and also online retailer Ocado.
S-Ventures, based in Surrey, south-west of London, said that post-deal it will look to develop the brand’s product range and to continue to grow its existing lines.
The existing Purely team will remain in place with Stefania Pellegrino as managing director.
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S-Ventures chairman David Mitchell said: "We are delighted to have acquired our stake in Purely and we very much look forward to working with Stefania and her team. Stefania has achieved great results, but together we believe we can grow faster and exploit opportunities more effectively in the healthy snacking space."
Pellegrino told just-food: "I'm thrilled about this deal with S-Ventures and for the opportunity of taking the business to the next level surrounded by experts and industry leaders. This means ambitious growth and a bigger vision for Purely and the whole team."