Oghma Partners has revealed it acted as the exclusive financial advisors to Novax AB (Novax), the investment company of the Stockholm-based Axel Johnson Group, on the acquisition of Ulrick and Short.
The transaction will see Ulrick and Short continue to operate as a standalone business, with the company’s founders Adrian Short and Andrew Ulrick staying on as minority shareholders and the existing management team remaining in place.
The firm said the transaction marks Novax’s “continued commitment to engage in a more sustainable Future of Food by investing in the European specialty food ingredients market”.
Oghma Partners said the deal is the latest in its “expanding list of successful cross-border transactions in the ingredients sector”. Other recent ingredient deals have included advising Solina Group on the acquisition of UK-based Bowman Ingredients and Givaudan S.A. on the divestment of both its pectin business to Herbstreith and Fox and of its processed and grated cheese business.
Mark Lynch, partner at Oghma Partners, said: “We were delighted to have the opportunity to work with Novax on this ingredients acquisition which further strengthens our industry leading track record in this important and exciting sub-sector of the food space. This transaction marks the completion of our sixth deal in the last twelve months.”
Pär Warnström, Novax, added: “We are both happy and thankful for Oghma’s expert advice and support from start to finish throughout this process. At Novax, we remain determined to continue our engagement within the Food Value Chain, and look forward to working with Mark, Carolyn, Oliver and the team again in the future.”