Gloucestershire food business sold for £7.5m
By Matt Hall | 28th July 2021
Investment group S-Ventures PLC has announced its acquisition of Gloucester-based Pulsin Limited.
Based at Waterwells Business Park, Pulsin is a plant-based nutrition company with a focus on healthy protein bars, nutritional snacks and Keto bars.
Pulsin produces plant-based products under its own brands as well as for third parties, many of which are household names. The firm had gross sales of approximately £7.05m in the twelve months to 30 April 2021 and approximately £1.2m of net debt as at that date.
S-Ventures said the acquisition adds significantly to its interests in the health and wellness foods marketplace following acquisitions earlier this year of a probiotic chocolate brand, Ohso Chocolate, and a plant-based snacking company, We Love Purely.
The entire Pulsin team, led by Simon Ashburner, will join S-Ventures. Mr Ashburner will continue as managing director of Pulsin and also join S-Venture's senior executive team.
Consideration for the acquisition is said to equate to around £7.5m, including a deferred contingent upon the net sales performance of Pulsin in the twelve months to 31 December 2021.
Additional potential consideration to the vendors of approximately £450,000 in cash, has also been reserved by S-Ventures in respect of certain potential liabilities of Pulsin.
S-Ventures' CEO Scott 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. Pulsin is an important acquisition for S-Ventures and reinforces our brand presence, total infrastructure and opportunity for synergy."
Simon Ashburner, MD of Pulsin 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."
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