The transaction included 100% of the share capital of the Gloucester-based manufacturer, with the entire Pulsin team to join S-Ventures. Simon Ashburner will continue as managing director of Pulsin and will join the S-Ventures senior executive team.
Commenting on the deal, S-Ventures chief executive Scoot Livingston said: “We are delighted to welcome the Pulsin team to the S-Ventures family and look forward to accelerating the progress Pulsin has made in establishing itself as a prominent brand in this space.
Reinforcing the business
“Pulsin is an important acquisition for S-Ventures and reinforces our brand presence, total infrastructure and opportunity for synergy.”
Pulsin formulates and produces plant-based products under its own brands as well as for third parties from its specialised facilities in Gloucester. The manufacturer had gross sales of about £7.05m in the 12 months to 30 April 2021 and about £1.2m of net debt as at that date.
The acquisition of Pulsin will add to S-Ventures’ growing influence in the health and wellness foods category and followed the acquisitions of probiotic chocolate brand Ohso Chocolate and plant-based snacking company We Love Purely earlier this year.
Developing in the UK
Simon Ashburner, Pulsin managing director, added: “We are delighted in the successful sale and move to S-Ventures and look forward to further developing the brand in the UK and internationally.”
Last month saw a number of acquisitions within the food and drink manufacturing industry.
Canadian food group Saputo acquired Yorkshire-based Wensleydale Dairy products in a deal worth £23m, as it continues its expansion into the UK. July also saw Potato processor Wolds Produce has acquire independent potato seed business WM Quarrie for an undisclosed sum.
Meanwhile, Morrisons’ largest shareholder has rejected the proposed £6.3bn takeover of the supermarket chain, in order to search for a better deal from other parties.