Fortus business advisors and accountants has advised on the multimillion-pound sale of one of the UK’s leading Indian snack brands.
East Midlands based Cofresh Snack Foods has been acquired for an undisclosed sum by Vibrant Foods, a newly established private equity backed ethnic foods company, which also comprises TRS Foods and East End Foods.
Cofresh Snack Foods is made up of two key brands; Cofresh, the number one Indian snack brand in the UK, which manufactures over 200 traditional South Asian savoury products, and Eat Real, the market-leading healthy snacking company and number one free from allergens snacking brand in the UK, whose flagship products include lentil, hummus and quinoa chips.
Established in the UK in 1974 and now a second-generation family business, the Patel family, Cofresh Snack Foods’ selling shareholders, will be re-investing in the new Company with a minority equity stake.
The Fortus team was led by Sanjay Khullar from the Leicester office who has worked with Cofresh for over 20 years, advising the Patel family on accountancy, tax and corporate finance matters. Shakespeare Martineau advised the Patel family on the legal and corporate aspects of the deal.
Sanjay Khullar said: “Cofresh is a well-established brand within the area and it’s good to know that current management will remain involved in the business. This has been a large and complex transaction, made even harder by COVID lockdown. It’s a great deal for the Patel family and Vibrant Foods are getting a fantastic business to help build their new brand.
“The Midlands remains the home to many quality businesses and this sale is tangible evidence that businesses with strong brands and good management are still in high demand in the area. Knowing Priyesh as we do, he will see this as an opportunity, and we’re sure that he and his family will still be active in the East Midlands business community. He is an ambitious entrepreneur who has built his life in this area. Watch this space!”
Commenting on the acquisition, Priyesh Patel, shareholder and managing director of Cofresh, said: “Becoming part of Vibrant Foods marks an exciting new chapter in our history. There are tremendous growth opportunities for our sector, as popularity for ethnic and healthy snacking products continues to grow. Our products are well-established in both markets, thanks to the tireless work of our employees and founders, whom I’d like to thank for their support and commitment to excellent customer experience, alongside our global suppliers and customers in the UK and abroad. Being part of a larger group will allow us to accelerate our growth trajectory, maintaining and building our market-leading product offering, and helping us penetrate new markets and distribution channels.”