Yeo Valley’s venture capital fund has backed snack business The Curators with its latest acquisition. The group has added start-up brand Cheesies to its portfolio for an undisclosed sum.
Yeo Valley Associates, the North Somerset organic dairy firm’s private equity arm, had previously invested in baked cheese crisp purveyors Cheesies, which since its formation three years ago has gone on to achieve listings with national retailers.
As part of Cheesies’ deal with The Curators, which sells a range of high protein and vegetarian snacks, Yeo Valley Associates has put a further, undisclosed amount into the newly combined business.
According to its website Yeo Valley Associates provides growth equity capital for businesses which generate sales of around £1m or more, and typically puts in up to £2m in any one investment.
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Yeo Valley chief executive Tom Wright said: “We are excited for The Curators to lead Cheesies into its next stage of growth and to support them to capitalise on the synergies across both brands.”
Max Rees, co-founder of The Curators, which launched its first product in 2018, added: “Bringing Cheesies into our portfolio gives us even more opportunity to drive our vision of supercharging savoury snacking.
“There are a number of synergies between the two businesses. We are looking forward to building on the strong online momentum they have achieved, while using our experience to accelerate growth plans for the range in retail.”
Bristol-based lawyers at law firm Clarke Willmott advised Yeo Valley Associates on its investment,
Rob Ridd, corporate partner at Clarke Willmott in Bristol, said: This deal involved some complex and innovative structuring advice, delivering the transaction on an accelerated timescale.
“We completed the transaction, balancing the interests of multiple stakeholders, in around a third of the usual lead time for a deal of this type. The result is a combined group which is now in a great position to build into the savoury snacks market.”
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