Leading European natural and organic food company Wessanen has announced on Friday (12 April) that it had accepted a takeover offer valuing the firm at around €885 million.
The Amsterdam-headquartered company – owner of Kallø, Whole Earth, and Clipper Teas brands – is being bought by a consortium led by private equity firm PAI Partners and Charles Jobson, Wessanen’s biggest shareholder.
Following completion of the deal, PAI will hold approximately 62% and Charles Jobson approximately 38% in the consortium.
The move is described in a joint statement by Wessanen and its future owners as one that will enable Wessanen to continue to invest in initiatives in order to maintain its position as a leader in sustainable foods.
Wessanen’s Board says it welcomes the prospect of the longer-term horizon and stability under the ownership of the consortium, expanding its position in organic foods and preserving its sustainable character, which will benefit all stakeholders of the Company.
Christophe Barnouin, CEO of Wessanen said: “Our vision is to build a European leader in organic and sustainable food. We want to remain at the forefront of making food healthier and more sustainable for the benefit of both consumers and the planet. This requires a long-term commitment from shareholders and long-term investments. It is all the more critical in an era where organic, sustainable and healthy themes have grown increasingly popular, which in turn has resulted in a more competitive landscape. PAI and Charles Jobson are fully supportive of our strategy and will bring a longer-term horizon and additional investments supporting the execution of our plans.
“We are fully committed to Wessanen’s current strategy and are excited to work alongside their passionate management team”
Gaëlle d’Engremont, Partner at PAI Partners, commented: “Wessanen is extremely well positioned in the European health food industry, housing high-quality brands and being at the forefront on innovation in this rapidly growing sector. We intend to accelerate Wessanen’s growth using our experience in the food and consumer space and investing further in the brands and the people of Wessanen to increase the reach of the company. We are fully committed to Wessanen’s current strategy and are excited to work alongside their passionate management team and long-time shareholder Charles Jobson.
Charles Jobson added: “Since 2009, I have been a supporter of Wessanen’s vision to become Europe’s leader in healthy and sustainable food. I have been following Wessanen closely and strongly believe in a bright future for all its stakeholders. As a private company, I believe Wessanen will have better potential to accelerate and continue to be at the forefront in the industry. Together with PAI, a long-term strategic partner, we will support Wessanen and its management in the execution of its strategic plans over the coming years.”