Novax has acquired a majority stake in Ulrick & Short, a leading British specialist in the production of sustainable and healthier 'clean label' ingredients for food and beverages.
The acquisition of Ulrick & Short marks Novax's continued commitment to sustainable development in the future of food. Ulrick & Short specializes in plant-based, natural "clean label" ingredients and is well positioned to meet the long-term trends of consumers and food producers shifting towards healthier and more sustainable food alternatives. The company serves as a partner for food producers looking to develop new clean label products or enhance existing product ranges with healthier alternatives.
Following the acquisition, Ulrick & Short will continue to operate as an independent business, with the company's founders, Adrian Short and Andrew Ulrick, remaining as minority shareholders in the company.
Adrian Short, co-founder and owner, will continue to lead the business in the next stage of the company's growth journey and comments on the partnership with Novax:
"From the first meeting with the Novax team, it was clear that we had found an organization and a team that shares our values and beliefs about how a company should be run and developed. With Novax as a partner, we will continue to grow and have the best conditions to reach our full potential. We look forward to the next exciting stage of the journey."
Andrew Ulrick, co-founder and owner, comments: "I believe that in Novax, we have found a partner with a compatible culture that will play a key role in our future governance and growth."
For Novax, the transaction is a significant step into the food value chain and the Future of Food, a focus area for the company. Pär Warnström, Senior Investment Manager and sector responsible for the Future of Food at Novax, comments:
"We are both proud and excited to initiate this collaboration with Adrian, Andrew, and the entire team at Ulrick & Short in the next chapter of their growth journey. As a long-term investor and partner, it is gratifying to offer a large and operationally close commitment to together with the team continue to build and develop Ulrick & Short in the coming years. The company illustrates much of what we believe characterizes an exceptional business in a promising market - a strong and experienced management team, a competitive leading niche position with a demonstrated strength in its business model, with decades of experience and expertise. At Novax, we are committed to driving the food industry forward with innovation, health, and sustainability in focus, and we look forward to continuing to do so and growing Ulrick & Short together with Adrian and the team."
Advisors to Novax in the transaction were Oghma Partners LLP, Walker Morris LLP, and Ernst & Young.
Advisors to Ulrick & Short in the transaction were Messis Finance, Rollits LLP, and Smailes Goldie Group.
About Novax
Novax is Axel Johnson's investment company and a long-term and active partner for growth companies. By investing in, supporting, and developing small and medium-sized enterprises, we help build successful companies and future legs for Axel Johnson. Novax works with four main focus sectors: Health & Wellness, Technical Security, Future of Food, and Digital Infrastructure for Retail. Novax investments include ApoEx, Apohem, Bruce, Datema, Filippa K, Hedvig, Matsmart, Personalkollen, Prolupin, RCO, STC, and Voyado. www.novax.se
About Ulrick & Short
Ulrick & Short is a leading specialist in clean label ingredients. The company supplies food producers worldwide with gluten-free, non-GMO, plant-based, and organic ingredients, operating in several sectors within the food industry, including bakery, meat, dairy, soups, and sauces. The company is AA BRC-accredited, has a team of dedicated food scientists based in the UK and the Netherlands, and works closely with its customers to maximize the value of its product development.
Contacts:
Pär Warnström, sector responsible Future of Food, Novax
par.warnstrom@novax.se
+46 73 052 24 52
Adrian Short, Director, Ulrick & Short
adrian@ulrickandshort.com
+44 7947 354183
