The Hut Group acquires snack bar business Brighter Foods
The Hut Group has agreed to acquire nutritional snack bar manufacturer Brighter Foods from Real Good Food in a £43 million deal.
In a statement, the health and beauty retailer said the acquisition will enable it to bring Brighter’s product “know-how and innovative resource” in-house as the company has already reformulated the majority of THG Nutrition’s bar range. It will also help THG Nutrition to reduce lead-times for new product launches while ensuring product IP remains exclusive.
In the year to March 2021, Brighter generated revenues of £19.8 million and a £3.7 million adjusted EBITDA.
Matthew Moulding, executive chairman and chief executive of THG, said: “We are delighted to announce our first major acquisition within THG Nutrition in 2021. Brighter highly complements our developed vertical integration strategy and strengthens our capabilities in the growing convenience and snack bar market. Nutritional bars are a high growth category for THG, with significant product extension opportunity across all our brands.”
THG Nutrition’s portfolio includes the brands Myprotein, Myvegan, Myvitamins, Exante and Command. THG said the move will complement its recent acquisitions of nutrition product suppliers Claremont Ingredients and David Berryman.
Moulding added: “The Brighter team bring a wealth of bar manufacturing and product development expertise, and in line with the Claremont and Berryman’s acquisitions, enables THG to significantly accelerate the launch of further product innovation into global markets, while increasing the proportion of THG Nutrition products wholly manufactured in-house.”
