Nurture Brands, the UK food-and-drinks group, is looking to buy more businesses after snapping up local seaweed crisps firm Abakus Foods.
Formed in 2019 through the merger of two UK businesses – Ape Snacks and Emily Crisps – Nurture Brands has grown organically and via M&A, with its deal-making including a combination with UK plant-based dairy business Rebel Kitchen, the acquisition of snack brand The Primal Pantry and the purchase this autumn of confectionery producer Doisy & Dam.
London-based Abakus Foods is the latest business to join the Nurture Brands fold, bought for an undisclosed sum, it was confirmed yesterday (15 December).
Adam Draper, Nurture Brands managing director, told Just Food the company was ready to make more acquisitions in the first quarter of next year.
“We will also look to make more acquisitions in Q1 2023 and we would encourage any healthy snacking and beverage plant-based businesses with revenues of greater than GBP1m (US$1.2m) to speak to us if they are looking to exit or are in distress,” Draper said.
Abakus Foods is a fledgling business, generating GBP1m in sales in the UK and the EU, Draper said. Its principal customers include sushi restaurants, plus UK grocers Sainsbury’s, The Co-op and Ocado. European clients include German retailer Kaufland.
Nurture Brands is aiming to double its new asset’s sales in 2023.
“We thought Abakus was nicely complementary to our portfolio being a healthy snack, sustainable and vegan,” he added.
“We can also announce that we have also secured a contract with Eurostar this week. Our plans are to double the business in 2023 – it is a great product and we are confident that all major retailers will want to stock once they have tried it. We will also look to make some updates to packaging in 2023.”
Nurture Brands acquired London-based Doisy & Dam out of administration in October.
At the time, Draper explained to Just Food how M&A was central to Nurture Brands’ strategy.
“M&A is key to our growth,” he said. “And at the moment because so many small businesses are having a tough time… a lot of them are just kind of going, ‘you know what, it’s just too hard. I don’t know how we’re going to raise the money in the future’. Or, ‘we’re not going quick enough’. Or they’re finding it a real struggle because they’re small, lovely little brands but they just don’t have the resources.”
