Oghma Partners, the corporate finance house to the
consumer industries, is today pleased to announce that it acted as the
exclusive financial advisors to Novax AB (“Novax”), the investment company of
the Stockholm-based, EUR 8bn Axel Johnson Group, on the acquisition of Ulrick
& Short Limited (“Ulrick & Short”) the UK-based clean label food
ingredients specialist.
The transaction will see Ulrick & Short continue
to operate as a standalone business, with the company’s founders Adrian Short
and Andrew Ulrick staying on as minority shareholders and existing management
team remaining in place.
The transaction marks Novax’s continued commitment to
engage in a more sustainable Future of Food by investing in the European
specialty food ingredients market. Ulrick & Short is highly specialised in
clean label and plant-based, natural ingredients and is well positioned to
capture the long-term secular trends of consumers and food manufacturers
shifting towards healthier and more sustainable food alternatives. The company
operates as a co-development partner to food manufacturers looking to develop
new clean label products or to refine existing product ranges into healthier
alternatives.
The deal is the latest in Oghma’s expanding list of
successful cross-border transactions in the ingredients sector. Other recent
ingredient deals have included advising Solina Group on the acquisition of
UK-based Bowman Ingredients and Givaudan S.A. on the divestment of both its pectin
business to Herbstreith & Fox and of its processed and grated cheese
business. The deal demonstrates Oghma Partners’ continued strength in the
ingredients market advising clients on both disposals and acquisitions across
Europe.
Mark Lynch, Partner at Oghma
Partners, said: “We were delighted to have the opportunity to
work with Novax on this ingredients acquisition which further strengthens our
industry leading track record in this important and exciting sub-sector of the
food space. This transaction marks the completion of our sixth deal in the last
twelve months.’’
Pär Warnström, Novax, commented on
Oghma Partners’ role in the deal, “We are both
happy and thankful for Oghma’s expert advice and support from start to finish
throughout this process. At Novax, we remain determined to continue our
engagement within the Food Value Chain, and look forward to working with Mark,
Carolyn, Oliver and the team again in the future.”
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