S-Ventures acquiring natural snack brand Livia's
Organic-focussed brand developer S-Ventures announced the acquisition of the business and assets of Livia's Health Foods on Friday.
The AQSE-traded company said Livia's was founded in 2014 with the aim of creating “indulgent, innovative snack food products” made with plant-based ingredients.
All products are gluten and dairy free.
In 2017, the company launched its products to major UK supermarkets including Sainsbury's, Ocado and Waitrose.
S-Ventures said in the year ended 30 September 2020, sales totalled £1.6m and Livia’s unaudited loss before tax came in at £1.39m.
Unaudited management accounts for the 12 months ended 31 January 2022 showed sales of £1.3m.
The total consideration for the acquisition was £0.36m payable on completion, comprising £0.13m in cash and 321,429 new shares in S-Ventures, issued at a price of 70p each.
In addition, the vendors would receive a bonus of up to an additional £0.1m in cash and new S-Ventures ordinary shares, also issued at 70p per share, if Livia's revenues top £0.6m in the 10 months following acquisition.
“The Livia's team have done a fantastic job in establishing and building a respected and successful brand and set of healthy plant based snacking products across multiple channels,” said chief executive officer Scott Livingston.
“As part of the S-Ventures group, Livia's can expand and progress and become a mainstream player in this growing natural based products market.
“I am very excited about the prospects of this innovative business and the enthusiasm of its management team.”
At 1232 GMT, shares in S-Ventures were down 0.42% at 47.8p.