PwC Corporate Finance acted as lead advisor to Nimbus, an investment firm with offices in the Netherlands, Germany and the United Kingdom, on the sale of Halo Foods Ltd. (“Halo” or the “Company”) to an affiliate of Peak Rock Capital (“Peak Rock”) in partnership with the management team of Halo.
Headquartered in Newport, Wales (UK), Halo is a leading manufacturer of healthy bars and snacks, with an extensive portfolio that includes cereal bars, fruit and nut bars, gluten-free, high protein and nutritionally controlled bars, including the rapidly growing “Skinny” brand. It has a diverse customer base including national retailers and established international brands. Halo has built an outstanding reputation for providing excellent customer service and exceptional product quality with a focus on the better-for-you segment.
Alexander de Haas, Partner Nimbus, said, “When Nimbus acquired 100 per cent of Halo Foods’ shares in 2016, it was already clear that the company was operating in a fast-growing segment and showed enormous potential. Over the past four years, Nimbus, together with the management team, has helped Halo Foods to build on its strengths. This meant focusing on building the team, streamlining the operation, investing in the production capacity and an entrepreneurial focus on customers and product development.”
“The management team of Halo has worked tirelessly, in partnership with Nimbus, to build the Company into an industry-leading provider, serving retailers and brands. Nimbus was the right partner in the last four years to create this exciting and leading platform and we believe our new partnership with Peak Rock will help Halo to accelerate its strong growth trajectory by drawing on their extensive experience in food and beverage and by continuing to invest in our people and capabilities,” said John Tague, Chief Executive Officer of Halo.
The process commenced in June over lockdown and reached signing within an 11 week period utilizing technology to support global remote working. The PwC team was led by Tom Copeland and Dan Gallagher who were supported by Isabella Fox and Ibrahim Adat. Simmons & Simmons led by Steph Featherstone provided legal advice to Nimbus and PwC's Deals team in the West & Wales - Tom Ayerst, Andy Beckley, Alice Dale and Josh Spence - provided financial due diligence.
Alexander de Haas, Partner Nimbus, said:
“We selected PwC Corporate Finance because they understood our business and market, and were able to demonstrate the reach we needed to find the right acquiror for Halo Foods. PwC managed the process exceptionally throughout with good preparation allowing a highly efficient and competitive process despite this being throughout the COVID-19 period. PwC delivered a great outcome for all parties.”
Tom Copeland, Food & Beverage lead for Corporate Finance at PwC, said:
“We are delighted to have acted for Nimbus on this transaction. This was a highly competitive process driven by the interest in the snack bar market supported by the resilience of Halo's business through the UK lockdown period. The most successful innovators are focussed on healthy indulgence, fortification, low calories and breakfast replacement.
Halo’s expertise across these areas together with the investments made in their manufacturing capability has supported their continued growth. The balance in its customer base with contract manufacturing for highly reputable brands together with developing its own fast growing brand provides a balanced and attractive portfolio. I look forward to seeing Halo continue to develop under their partnership with Peak Rock.
The resilient nature of the food market is driving a wave of M&A activity with renewed interest from private equity as well as global strategic investors and we expect to see this continue.”
“We are delighted to have acted for Nimbus on this transaction. This was a highly competitive process driven by the interest in the snack bar market supported by the resilience of Halo's business through the UK lockdown period. The most successful innovators are focussed on healthy indulgence, fortification, low calories and breakfast replacement."
Director, Corporate Finance, PwC United Kingdom
Tel: +44 (0)7968 479411