Bridges Funds Management has sold Wholebake, a Wales-based manufacturer of healthy snack bars, to lower mid-market firm Elysian Capital. A source with knowledge of the deal said the exit would make Bridges 2.5x on its initial investment.
Bridges acquired the business in 2014 with capital from its Sustainable Growth Fund III. During its period of ownership, Wholebake has more than doubled its full-time workforce from 112 to 230 people, tripled its revenue and become a certified B Corp. The company produces “a variety of product types including weight management, sports nutrition, toddler snacking, healthy indulgence, vegan-friendly, digestive health and mainstream better-for-you brands”, according to the press release from Elysian. Bridges remains a minority investor in the business.
- Read more about Bridges Fund Management in this profile.