Sonae unit buys UK manufacturer of Gosh! vegan products for €75M
A subsidiary of Sonae SGPS has concluded the acquisition of 95.4% of vegan products manufacturer Claybell Limited for €75 million.
Sonae Food4Future, a subsidiary of Sonae SGPS, has concluded the acquisition of 95.4% of the share capital and voting rights of vegan products manufacturer Claybell Limited for €75 million, the company said in a statement released via the stock market authorities after the close on Monday.
“Sonae SGPS hereby announces that its subsidiary Sonae Food4Future has completed the acquisition of 95.4% of the share capital and voting rights of Claybell Limited, which owns 100% of Gosh Food Limited … which trades under the name ‘Gosh!’, for a total consideration of 64 million pounds,” reads the statement sent to Portugal’s Securities Markets Commission (CMVM).
Following this operation, the new subsidiary – which specialises in plant-based foods – will continue to be managed “by the current team”, who are to retain a minority stake of 4.6%, the statement said.
The company, which is based in the UK, had a total turnover “adjusted for Covid-19 impact” of £22 million (€26 million) in the financial year ending May 2021, Sonae said.
Sonae notes that the transaction is in line with its portfolio management strategy and “allows Sonae 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] value creation plan” of the new unit.
In Monday’s stock market session, Sonae SGPS shares ended the day down 0.44% to €0.92.
