Fri, 05 Jan 2024 | BUSINESS SALE
Fast moving consumer products (FMCP) manufacturer, supplier and brand owner Supreme Plc has expanded with the acquisition of the trade and assets of protein manufacturing firm FoodIQ UK Holdings Ltd out of administration.
The deal significantly bolsters Manchester-based Supreme’s Sports Nutrition and Wellness division and gives the firm access to FoodIQ’s £1.2 million accredited, automated contract manufacturing facility. The facility, which is located near London, was opened just 18 months ago. Supreme says it plans to keep the facility operational from the existing site and forecasts that it will increase the manufacturing capacity of its wellness operation by around 40 per cent.
FoodIQ was only formed in 2020, but fell into administration shortly before Christmas 2023, appointing administrators from Kroll. In its accounts for the year ending December 31 2022, the company’s total assets were valued at more than £1.5 million, however the company’s debts left it with total liabilities of close to £2 million and Supreme has acquired its trade and assets for just £175,000.
Prior to entering administration, FoodIQ, which had UK operations but was headquartered in Helsinki, had raised €13 million (just over £11 million) in a 2022 funding round led by Swedish food technology firm Nicoya. The company had planned to use this funding to scale up its plant-based food operations.
Commenting on the acquisition, Supreme Chief Executive Sandy Chadha said: "We are delighted to have completed this acquisition, which provides our fast-growing Sports Nutrition & Wellness division with the manufacturing capacity required to meet growing demand.”
"We have used Food IQ in the past to manage capacity requirements in our Sports Nutrition & Wellness division so are familiar with their capability."
While acquisitions of distressed companies and assets can deliver enormous value, it is vital to perform rigorous due diligence to avoid any hidden risks and ensure a successful deal
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