Deeside Cereals, a UK-based breakfast cereals and snack-bar business, has been acquired by local private-equity firm Elysian Capital.
Elysian has purchased Deeside Cereals via Wholebake, the health-snacks company the London-headquartered investor bought over the summer, from Agrotech Impex, a wholesaler in Singapore.
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Based in Deeside in the county of Flintshire, North Wales, Deeside Cereals is a private-label producer of cereals and cereal bars for UK retailers.
Also located in Wales, Wholebake supplies its own brands under names such as Bounce, Nine and Brynmor, and is also a co-manufacturer operating out of two production facilities.
Founded in 1984, Wholebake makes gluten-free snacking products in categories across weight management, sports nutrition, toddler snacking and vegan-friendly.
Financial terms were not disclosed for the transaction, which will see Wholebake and Deeside Cereals combined.
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By GlobalDataDeeside Cereals’ chairman Ravi Sreenivasa said: “We are delighted by the progress Deeside has made under Agrotech’s ownership over the last eight years. In that time, we have become one of the leading providers of private-label cereals in the UK market, invested significantly in the plant and become a major employer in the Deeside community.”
Simon Faithfull, the chief executive of Wholebake, and its non-executive chairman Peter Unsworth, will head up the combined company.
Unsworth said in a statement: “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.”
Elysian CEO Ken Terry added: “I am delighted we have been able to bring Deeside and Wholebake together, in line with our stated strategy of growing our businesses both organically and through opportunistic acquisition. 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.”
