LONDON, UK: S-Ventures announced the acquisition of the business and assets of Livia’s Health Foods Limited for £355,000 payable on completion comprising £130,000 in cash and 321,429 new ordinary shares in S-Ventures issued at a price of 70p per share.
Livia’s Health Foods is a UK manufacturer of natural, plant based, indulgent, innovative and healthy food treats.
The aggregate consideration for the acquisition is, as compared to the closing mid-market price of an S-Ventures ordinary shares of 47.5p on 16 February 2022.
In addition, the vendors will receive a bonus of up to an additional £100,000 in cash and new S-Ventures ordinary shares, also issued at a price of 70p per share, if Livia’s revenues exceed £600,000 in the 10 months following the acquisition.
Livia’s was founded in 2014 with the aim of creating indulgent, innovative snack food products made with plant based, natural ingredients.
All products are gluten and dairy free. In 2017 the company launched its products nationwide to major UK grocery stores and supermarkets including Sainsbury’s Ocado and Waitrose.
Product ranges include Million Squares, Nugglets and Dunx, all made of natural ingredients. More recently in 2020 the product range was expanded further into sweet snacking with the launch of Dunx Dips.
In the year ended 30 September 2020 the latest period for which accounts were filed, sales were £1.6m and unaudited loss before taxation was £1.39m. Unaudited management accounts for the 12 months ended 31 January 2022 showed sales of £1.3 million.
Livia’s is the latest addition to the rapidly growing portfolio of health food businesses acquired by S-Ventures since its listing on the Aquis Growth Market in September 2020. The S-Ventures team will apply their skills and resources to direct and develop Livia’s with the aim of enabling the business to realise its full potential.
Scott Livingston, S-Ventures Chief Executive Officer commented: “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. 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.”