LONDON — Private equity firm Elysian Capital III LP has acquired Deeside Cereals I Limited from Agrotech Impex PTE Ltd. The acquisition was completed through Wholebake Ltd., which Elysian acquired on July 31.
Based in North Wales, Deeside Cereals manufactures private label breakfast cereals and cereal bars for food retailers.
Wholebake, also based in North Wales, is a co-manufacturer of healthy snacking products, co-producing bars and other snack formats for customers across a range of sectors alongside its own brands Bounce, NINE and Brynmor.
Following the acquisition, Wholebake and Deeside Cereals will combine to create a new group operating in the bar and cereal categories in the United Kingdom. Peter Unsworth, non-executive chairman, and Simon Faithfull, chief executive officer, will lead the new combined group with a focus on innovating and driving growth in both the expanding snack bar category and the private label cereal market.
“Wholebake and Deeside Cereals are a great fit with complementary capabilities,” Mr. Unsworth said. “We share similar values and ethics and a passion for innovation to meet emerging consumer needs and efficient service to meet customer demands. By coming together, we can continue to add value and lead the way in the expanding snack bar category and own label cereal markets.”
Ken Terry, CEO of Elysian Capital, added: “I am delighted we have been able to bring Deeside and Wholebake together, in line with our stated strategy of growing our businesses both organically and through opportunistic acquisition. By combining the two businesses we believe we have created the premier contract manufacturer of snack bars and cereals in the UK and diversified the group’s offering into another strand of the healthy food manufacturing space.