Forest Feast owner Kestrel Foods has expanded its portfolio of healthier snacks with the acquisition of Indie Bay from Nurture Brands for an undisclosed sum.
The premium pretzel brand, launched by Dafna Bonas in May 2016, sells its low-calorie and low-fat snacks in the grocery, travel and DTC channels.
Indie Bay will join Kestrel’s lineup of Forest Feast, Acti-Snack and Just Live a Little as the group, which also supplies private label, seeks to maintain its rapid growth.
Founded by Michael Hall in 1996, the Northern Ireland-headquartered business today employs more than 100 staff and generated turnover of £23m in 2023, with sales up 20% year on year and branded growth of 36%. The business has benefited from increased brand awareness and penetration, and further gains in distribution.
It featured in this year’s Alantra Fast 50 at number 47 thanks to a two-year CAGR of 21%.
“The acquisition of Indie Bay is aligned to our ambition of creating a fast-paced and innovative snacking business,” Hall said.
“We believe Indie Bay offers consumers and customers something different in our portfolio, and we see great potential for growth through our strong brand, innovation and go-to-market capability.”
Indie Bay was picked up by Nurture in 2022 to boost the group’s offering of healthy savoury snacks, with the brand’s pretzel thins containing 70% less fat than traditional crisps.
However, the group is now focusing on a slimmer portfolio of bigger, high-growth brands.
“As Nurture Brands consolidates its resources around Rebel Kitchen, Emily and Jax Coco, I am happy to see Indie Bay go forward and become an important part of the Kestrel Foods portfolio,” managing director Adam Draper added.
Nurture was started by Ben Arbib in 2019 as a platform for sustainable, plant-based brands. The B Corp, which gives 1% of revenues to good causes, has been on the acquisition trail in recent years, most recently acquiring The Juice Executive to move the group into manufacturing.
Its annual turnover run rate is now close to £11m, with year-on-year growth of 17%, with Rebel Kitchen coconut water up 42% and Emily up 39% [IRI 52 w/e 30 September 2024].
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