Real Good Food acquires major stake in Brighter Foods
UK-based firm Real Good Food has acquired an 84.33% stake in Welsh snack bar manufacturer Brighter Foods for a £9m consideration on a cash and debt-free basis.
According to the deal, Real Good Food will initially be paying 50% of the amount, and the remainder will be paid upon completion of the 2017-2018 audited accounts.
Located in Tywyn, Gwynedd, Brighter Foods is reportedly one of the major employers in the region, with nearly 170 full-time staff working at its facility.
The company claims that all its products are gluten and lactose-free, organic, and contain low calories and low or no added sugar.
In addition to its products, the company also manufactures partner-branded products.
Real Good Food executive chairman Pieter Totté said: "Brighter Foods fits well into our strategy to consolidate profitable well run businesses in niche areas of the food manufacturing industry.
“Robin and his team have achieved fantastic growth and stability in the business and we are looking forward to continuing the success story.
“Real Good Food investment will enable Brighter Foods to expand and improve its capacity and product range even further."
Brighter Foods CEO Robin Williams said: "I have known Pieter for years and have worked with members of his team previously and I'm very pleased to be doing so again. They share our vision to invest in the business and to grow it further from the strong base we have established.
“I'll be staying as CEO and together we have already agreed a headline plan to continue growing our manufacturing facilities in Tywyn. This is great news for the town and its people.
“Real Good Food recognises the importance of good people in business and the importance of the factory to the local community.”
Upon completion of the transaction, senior management of Brighter Foods will retain a 15.67% stake in the business.