Food ingredients supplier snapped up in cross-border acquisition

Pontefract-based clean label food ingredients specialist, Ulrick & Short Limited, has been acquired by Novax AB, the investment company of the Stockholm-based, EUR 8bn Axel Johnson Group.

The transaction will see Ulrick & Short continue to operate as a standalone business, with its founders Adrian Short and Andrew Ulrick staying on as minority shareholders and existing management team remaining in place.

Novax said the deal shows its continued commitment to engage in a more sustainable “Future of Food” by investing in the European specialty food ingredients market.

It says Ulrick & Short is highly specialised in clean label and plant-based, natural ingredients and is well positioned to capture the long-term 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.

Oghma Partners, the corporate finance house to the consumer industries, acted as the exclusive financial advisors to Novax.

The deal is the latest in Oghma’s expanding list of successful cross-border transactions in the ingredients sector.

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 12 months.’’

Pär Warnström, of Novax, added: “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.”