OC&C, Strategy&, KPMG and PwC advise on deal in snack world

European private equity group IK Partners has acquired GoodLife Foods, a Dutch manufacturer of frozen snacks. The deal was supported by M&A experts from large number of consultancies.

Headquartered in Breda, the Netherlands, GoodLife Foods is a manufacturer of frozen snacks and meal components such as spring rolls, appetisers, burgers as well as cheese and vegetable bites. Formed by the carve-out of Izico from Wessanen in 2014, the company offers a broad portfolio of branded and private label products which it sells to retail, foodservice and industrial customers across Europe.

Having already grown strongly during its 9-year life as an independent business, GoodLife Foods now expects to achieve further growth acceleration in- and outside of its core geographies through organic initiatives and buy-and-build.

Backing the “next chapter of its growth” is IK Partners, which acquired a majority stake from former investor Egeria. Financial terms of the transaction have not been disclosed.

Commenting on the deal, Remko Hilhorst, a managing partner at IK Partners, said: “We have been impressed with GoodLife’s track record to date and its ability to continuously evolve its product portfolio to meet the needs of its customers. It has a diversified offering with further growth potential, which can be unlocked in the years to come. With its solid foundation in place, we look forward to collaborating the team to develop the company further.”

Buyer IK Partners received advised during the deal by 1602 Capital Partners (M&A Advisory), Lazard (corporate finance), Strategy& (commercial due diligence), PwC (transaction services), KPMG (financial due diligence and tax advisory), and Freshfields Bruckhaus Deringer (legal support).

Meanwhile, seller Egeria received M&A advisory guidance from Rothschild & Co, strategic advisory services from OC&C Strategy Consultants (which also conducted the commercial due diligence), financial and tax support from PwC, and legal counsel from Allen & Overy.

The shareholders of GoodLife Foods, who have reinvested in the company alongside IK Partners, were supported by local Dutch law firm Vriman M&A Lawyers.

Dirk Van de Walle, CEO of GoodLife Foods, said: “We look forward to the next chapter, which will see us working with the team at IK Partners who have vast experience in the food sector and can support us with our ambitious plans to internationalise through organic initiatives and acquisitions.”

GoodLife Foods is currently focused on four core markets and regions: Benelux, the UK, the Nordics and the DACH countries – Germany, Austria and Switzerland. In the coming years, the company plans to internationalise across Europe and beyond. The company also aims to add a number of new product lines to its portfolio.

Last year, IK Partners closed an investment in consultancy firm IG&H.