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Let’s TalkThe Serious Sweet Company Acquires Healthy Treats Maker Nom Bites in the United Kingdom
The Serious Sweet Company, a manufacturer of high-end confectionery, based in Harrogate, United Kingdom, acquired Nom Bites, a producer of nut-free, dairy-free, and gluten-free snacks, based in London, United Kingdom, on August 7, 2023. The Serious Sweet Company has made several acquisitions in the UK confectionery industry since 2022.
Transaction Summary
Our Take on the Acquisition
The acquisition of Nom Bites (target) allows The Serious Sweet Company (acquirer) to expand into a new market by offering healthy snacks. With The Serious Sweet Company’s established trade relationships with grocers like Asda, Waitrose, Tesco, Sainsbury’s, and others, Nom Bites’ products can be sold on national and international grocers’ shelves. The Serious Sweet company has grown by acquiring four other confectionery brands – John Bull Confectioners, Mallow & Marsh, Mr. Stanley’s London, and Mighty Fine – in the past two years. We expect this latest integration will be seamless. And it seems The Serious Sweet Company may continue acquiring small brands in the confectionery and snacks markets in the United Kingdom.
The Facts of the Acquisition
- Target: Nom Bites is a producer of snack and treat products, based in London, United Kingdom. It offers a healthy snacking range through its brand, Lexi’s Treats.
- Acquirer: The Serious Sweet Company is a manufacturer of high-end British confectionery. It has developed two own-label brands: The Ultimate English Confectioners of Yorkshire and STIRRD. And it has made a series of acquisitions to expand its product portfolio. STIRRD was discontinued after the acquisition of Mr. Stanley’s London.
The Transaction
| Date: | August 7, 2023 |
| Price: | Undisclosed |
| Purpose: | To expand The Serious Sweet Company’s product portfolio |
| Acquirer’s Statement: | Rob Whitehead, MD at The Serious Sweet Company – “We’re delighted to bring Lexi’s into our family and continue the journey that Alexei and Shama have brilliantly led. Gluten, dairy, and nut-free bars fit perfectly into our stable of current brands, enabling us to offer customers a combination of indulgent treats and more healthy treats, ideal for customers with specific dietary needs, or those looking for a healthier snack.” |
Target/Seller: Nom Bites
Company Information
| Target: | Nom Bites |
| Website: | lexistreats.com |
| Founded: | 2019 |
| Industry: | Food Manufacturing – Confectionery |
| Type: | Private |
| Employees: | 2 (Source: Pitchbook) |
| Locations: | Head Office: 27 Old Gloucester Street, London, England, United Kingdom |
Product Information
| Products: | Crispy Rice Treats – Vegan and gluten-free puffed rice bars in a variety of flavors Protein Bars – Vegan and gluten-free protein bars in variety of flavors |
| Market Reach: | United Kingdom |
Financial Information
| Expected Revenue*: | GBP £413,684 (USD $526,316) i.e., GBP £206,842 x 2 employees = GBP £413,684 (USD $526,316) – estimated based on number of employees from Pitchbook and revenue per employee of the acquirer (see below) |
*There is no revenue or revenue per employee information publicly available; this expected revenue figure may be a useful guide.
Did You Know?
The global chocolate confectionery market is expected to be worth more than GBP £100.4 billion (USD $128.0 billion) by the end of 2023, with growth of 1.9% compound annual growth rate (CAGR) over the next two years to 2025, according to market research company Euromonitor. Europe, the Middle East, and Africa is the largest chocolate confectionery market in the world, and Europe is experiencing the fastest growth within the region. It is forecast to grow at a 3.1% CAGR by 2025.
Target/Seller Overview: Nom Bites
Nom Bites is a producer of snacks and treats products, based in London, United Kingdom. It offers a vegan, vegetarian, nut-free, dairy-free, gluten-free, and healthy snacking range through its brand, Lexi’s Treats, both online and through distributors.
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Explore Your Options NowBuyer/Acquirer: The Serious Sweet Company
Company Information
| Buyer: | The Serious Sweet Company |
| Website: | serioussweets.co.uk |
| Founded: | 2012 |
| Industry: | Food Manufacturing – Confectionery |
| Type: | Private |
| Employees: | 19 (Self-published on LinkedIn) |
| Locations: | Head Office: Fourth Avenue, Hornbeam Park, Harrogate, North Yorkshire, United Kingdom |
Product Information
| Products: | Single-serving and party packs sold to customers online and in bulk to distributors Toffee – Flavored confectionery made with caramelized sugar and butter Brittles – Flat, broken pieces of hard sugar candy with assorted nuts Fudge – Flavored confectionery made with sugar, butter, and milk Marshmallow – Confectionery made with sugar, water, and gelatin whipped to a solid but soft consistency Candy Canes – Peppermint sugar sticks in white and red stripes Caramel – Hard and brittle heated sugar candy Honeycomb – Sugary toffee with a light, ridge, sponge-like texture |
| Market Reach: | Listed by the largest market first United Kingdom Europe North America South America Australia |
Financial Information
| Revenue: | GBP £3.9 million (USD $5.0 million) Unconfirmed source: ZoomInfo |
| Revenue per Employee: | GBP £206,842 (USD $263,158) i.e., GBP £3.9 million / 19 employees = $263,158 – estimated based on the self-published number of employees and revenue from ZoomInfo |
Buyer/Acquirer Overview: The Serious Sweet Company
The Serious Sweet Company’s vision is to manufacture and sell high-quality and rich, traditional English confectionery. Its main distribution channels are online through its company websites and through grocers like Asda, Waitrose, Tesco, Sainsbury’s, Boots, Whole Foods, BP, and Booths. Collectively, these grocers account for more than 60% of the UK grocery industry’s revenues and locations. Serious Sweet has grown aggressively since its incorporation in 2012, with a range of customer brands and its award-winning brand “Ultimate English Confectioneries of Yorkshire”. It acquired Mallow & Marsh, Mr. Stanley’s London, and Mighty Fine to boost its offerings and establish an online retail presence by acquiring these companies’ websites.
Previous Acquisitions by Molson Coors Beverage Company
- John Bull Confectioners (2023) – A confectionery manufacturer based in Yorkshire, United Kingdom. The company sells through its own outlet and distributors.
- Mallow & Marsh (2023) – A confectionery manufacturer based in London, United Kingdom. The company offers high-end, handmade marshmallows made with organic ingredients.
- Mr. Stanley’s London (2022) – A food products manufacturer based in London, United Kingdom. The company offers traditional fudge, honeycombs, and exquisite private-label chocolates and sweets.
- Mighty Fine (2022) – A confectionery manufacturer based in the United Kingdom. The company offers high-end honeycomb bars made with organic ingredients.
Sources
- Company Profile
- Other Sources
- Unconfirmed Sources
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