Plant-based group Nurture Brands has continued to build its portfolio of brands with the acquisition of seaweed crisps producer Abakus Foods.
It is the third deal in as many months for the rapidly growing business following the rescue of confectionery brand Doisy & Dam from administration and the takeover of premium pretzel maker Indie Bay Snacks in October.
Alongside the latest acquisition, Nurture also completed a £3m top-up funding round, valuing the group at £30m.
The group said the money would accelerate growth and provide liquidity for further deals in 2023.
Nurture MD Adam Draper said: “Abakus is our fourth acquisition this year, and we continue to seek disruptive snacking and beverage brands that are plant-based, better-for-you and sustainable.
“With our growing portfolio, Nurture Brands is becoming a leading partner for all retailers that seek tastier, healthier, and more ethical options for their customers.”
Abakus Foods makes a four-strong range of seaweed crisps and has listings with Sainsbury’s, Ocado, Co-op, Holland & Barratt and Amazon.
Helen Wang founded the London-based business in 2016 creating healthy snacks from jujube fruit, a type of Chinese date. She launched the seaweed crisps in 2019, while the brand also sells crunchy edamame beans, roasted broad beans and roasted giant corn.
Abakus is also a member of the 1% for the Planet charitable programme, donating 1% of sales to charities in support of environmental causes.
Nurture founder Ben Arbib said Abakus would complement the group’s existing healthy snacking brand Emily, which makes vegetable crisps.
“And as a 1% for the Planet supporter, Abakus aligns with our sustainability-led values,” he added.
Wang said: “I am proud of what we have achieved at Abakus Foods, and I am excited to see the continued growth of our range of healthier snacks under Nurture Brands.
Founded in 2019, Nurture Brands has built a portfolio of sustainable plant-based brands, including Rebel Kitchen, Myracle Kitchen, Emily, The Primal Pantry, Ape, Jax Coco, Indie Bay Snacks and Doisy & Dam.
Revenues are expected to surpass £10m across the family of brands this year, with the group expanding in North American and Asian markets.
Nurture Brands is also a certified B-Corp and commits 1% of net revenues to good causes.
With several discussions currently underway, Nurture Brands expects to announce more deals in the new year.
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