London’s S-Ventures PLC has acquired 100% of the share capital of Pulsin Limited, a well-established plant-based nutrition company operating within plant-based nutrition technology, manufacturing and sales. This follows its acquisitions earlier this year of a probiotic chocolate brand, Ohso Chocolate, and a plant-based snacking company, We Love Purely.
Pulsin formulates and produces plant-based products under its own brands as well as for third parties, many of which are household names, from its specialised facilities in Gloucester, UK. Pulsin had gross sales of approximately £7.05m in the twelve months to 30 April 2021 and approximately £1.2m of net debt as of that date.
The entire Pulsin team, led by Simon Ashburner, will join the S-Ventures family. Simon will continue as Managing Director of Pulsin and also contribute to S-Ventures more widely as a member of the senior executive team.
In respect of the acquisition, S-Ventures has provided as consideration to the vendors a combination of approximately £2m in cash, approximately £2m in the form of loan notes issued by S-Ventures, plus a total of 15,176,814 ordinary shares of 0.1p each in S-Ventures, of which 3 million Ordinary Shares are deferred and contingent upon the net sales performance of Pulsin in the twelve months to 31 December 2021.
Upon the announcement of the Acquisition, S-Ventures’ CEO Scott Livingston commented: “We are delighted to welcome the Pulsin team to the S-Ventures family and look forward to accelerating the progress Pulsin has made in establishing itself as a prominent brand in this space. Pulsin is an important acquisition for S-Ventures and reinforces our brand presence, total infrastructure and opportunity for synergy.”
Simon Ashburner, MD of Pulsin commented: “We are delighted in the successful sale and move to S-Ventures and look forward to further developing the brand in the UK and internationally.”