Portugal's Sonae Acquires UK-Based Vegan Food Producer
Portuguese conglomerate Sonae has acquired 95.4% of Claybell Limited, the owner of Gosh Food, a UK-based producer of natural plant-based food products.
Sonae completed the £64 million (€75 million) through its subsidiary Sonae Food4Future.
About Gosh Food
Gosh Food produces and distributes plant-based food products under the Gosh! brand or through distributors’ own brands.
It offers a range of 'clean label' and allergen-free products through major UK retailers and foodservice operators.
The company creates a range of innovative products based on naturally-sourced ingredients –from healthy snacks to ready-to-eat products – at its clean label & allergy free manufacturing facilities.
The UK-based company had a turnover of £22 million (about €26 million) in the fiscal year ending in May this year.
Gosh will continue to be managed by the current team, which will take a 4.6% minority stake.
According to Sonae, this acquisition is in line with its active portfolio management strategy focused on innovative companies in growth sectors linked to its core business.
In addition it will allows the company to invest in the high potential natural and plant-based food industry, while leveraging its know-how in the food and retail sectors to accelerate the company’s value creation plan.
Sonae, which operates the Continente chain, reported a 5.8% increase in sales in the first quarter f its financial year, with sales from its food retail unit Sonae MC increasing 6.6% to €1.3 billion. It saw a net profit of €1 million in the period, which was a turnaround from the €59 million loss it reported for the corresponding period last year.
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