Real Good Food plc has acquired an 84.33% interest in Brighter Foods for total consideration of up to £9m, on a cash and debt free basis, with Robin Williams remaining as CEO.
Tywyn-based Brighter Foods creates and manufactures snack bars for the healthy snacking market from its factories in Tywyn, Gwynedd in Mid Wales, where it is a major local employer with some 170 full-time staff.
The award-winning company produces snacks which are targeted at areas such as diet control, gluten free, lactose free, low or no added sugar, sports nutrition, organic and fair trade. Brighter Foods manufactures both partner branded products and has its own healthier brands such as Wild Trail which is stocked in major retailers and health stores.
Brighter Foods commenced trading in April 2014 and has grown impressively under the leadership of an experienced senior management team, and the dedication of the skilled factory staff, led by founder and CEO Robin Williams. Following completion of the transaction senior management of Brighter Foods will retain a 15.67 per cent stake in the business (the 'Management Stake').
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 and I am really delighted that this partnership will build on our success to date.'
Pieter Totté, Executive Chairman of Real Good Food, added, '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. We are excited about the future prospects.'