UK organic food specialist acquires “indulgent, innovative” plant based brand for £355k

S-Ventures, a UK company establishing a group of natural and organic brands, has announced the acquisition of Livia’s Health Foods Limited, a UK manufacturer of natural, plant based, “indulgent, innovative and healthy food treats”.

Livia’s was founded in 2014 with the aim of creating “indulgent, innovative snack food products” made with plant based, natural ingredients. All products are gluten and dairy free.

In 2017 the company launched its products nationwide to major UK grocery stores and supermarkets including Sainsbury’s, Ocado, and Waitrose. Product ranges include Million Squares, Nugglets and Dunx, all made of natural ingredients. More recently in 2020 the product range was expanded further into sweet snacking with the launch of Dunx Dips.

In the year ended September 30 2020, the latest period for which accounts were filed, sales were £1.6m and unaudited loss before taxation was £1.39m. Unaudited management accounts for the 12 months ended January 31 2022 showed sales of £1.3m.

The aggregate consideration for the acquisition is £355k payable on completion comprising £130k in cash and 321,429 new ordinary shares in S-Ventures issued at a price of 70p per share, as compared to the closing mid-market price of an S-Ventures ordinary shares of 47.5p on February 16 2022.

In addition, the vendors will receive a bonus of up to an additional £100k in cash and new S-Ventures ordinary shares, also issued at a price of 70p per share, if Livia’s revenues exceed £600k in the 10 months following the acquisition.

Livia’s is the latest addition to the rapidly growing portfolio of health food businesses acquired by S-Ventures since its listing on the Aquis Growth Market in September 2020. The S-Ventures team will apply their skills and resources to direct and develop Livia’s with the aim of enabling the business to realise its full potential.

Scott Livingston, S-Ventures chief executive officer commented: “The Livia’s team have done a fantastic job in establishing and building a respected and successful brand and set of healthy plant based snacking products across multiple channels.

“As part of the S-Ventures Group Livia’s can expand and progress and become a mainstream player in this growing natural based products market. I am very excited about the prospects of this innovative business and the enthusiasm of its management team.”

Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →