Tuesday, May 17, 2022

News: Rotherham superfood producer acquired in £17m deal


A Rotherham-based producer of superfoods has been acquired in an international deal.

Go Superfoods Ltd. which is based in Dinnington and trades as Green Origins, Rainforest Foods and Puira, has been bought by Humble Group - a Swedish food-tech and FMCG-group, supplying the next generation of products that are good for people and the planet.

The purchase price amounts to approximately SEK 209.5 million (£16.9m).

G0 Superfoods was started in 2009 by Hardip Singh after completing an MBA when he chose the superfood sector due to personal interest, the growth potential, and the opportunity to work with producers from around the world.

A producer and supplier of premium organic and ecological superfood products, customers include specialist and nutrition retailers, distributors, food manufacturers and private consumers with approximately 80 per cent recurring revenues.

In 2018, the company won the Queen’s Award for International Trade for its outstanding overseas sales growth and 35% of the company’s sales pertain to exports.

Sales are expected to hit £20m for 2022.

Harry Singh, CEO and founder of Go Superfoods (who has agreed to stay on for three years), said: "I am delighted to announce that Go Superfoods will be joining the Humble family. At Go Superfoods we’ve always strived to be a bridge connecting growers of superfoods in the developing world with European consumers looking to improve their health and wellbeing. Humble are the perfect partner for us to continue our journey with and we look forward to working with Simon and his team at Humble to accomplish our shared vision.”

Simon Petrén, CEO of Humble Group, added: "We are incredibly excited to welcome Harry Singh and the Go Superfoods team to Humble. Through the transaction, we will enter a new niche market segment in which the company has established itself as a competitive multi-channel supplier and as a strong own brand.

"In addition, we continue to increase our product offering of climate smart and healthy products. There is a huge market potential within the superfoods segment and we look forward to assist the Company in broadening its sales channels and increasing its brand exposure in Humble’s key markets. Sustainability is the core of the Company’s business and products, and it is truly gratifying to share our vision together with the Go Superfoods team and keep offering consumers and companies innovative and market leading “better for you” products."

Humble, which is listed on NASDAQ Stockholm, has built up a group of entrepreneurial companies where total net sales went over £300m in 2021.

Rämsell Advokatbyrå AB is the Swedish legal advisor and Shoosmiths is the local legal advisor to Humble in connection with the transaction. Carbon Corporate Finance is the local financial advisor and Pannone Corporate LLP is the local legal advisor to Go Superfoods in connection with the transaction.

Rainforest Foods website
Humble Group website

Images: Green Origins


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