Status: In Portfolio

Fund: III

Deal type: Growth capital

Investment date: July 2021

Wholebake is the UK’s leading manufacturer of healthy gluten-free snacking products. 

Based in Chester, with two production facilities in North Wales, its portfolio includes products for weight management, sports nutrition, toddler snacking, healthy indulgence, vegan diets and digestive health.


Wholebake quote image

“We now look forward to the next chapter in the Wholebake story with our new partners, Elysian Capital. Their values and culture strongly align with our own and we are delighted that they will be partnering with us in Wholebake’s next phase of growth.”

Peter Unsworth

Chair, Wholebake


Wholebake investment rationale

Investment rationale

The snack bar market is a highly attractive growth space as consumers continue to shift from traditional confectionery to tasty and healthier alternatives. 

Wholebake had worked with its brand partners for the past 30 years to hone its products and firmly establish itself as a significant employer in the local community.

The strength and calibre of the people across the business, and the team culture and community feel – fostered by chair Peter Unsworth and chief executive Simon Faithfull – were particularly impressive.

Creating value

Wholebake is the go-to co-manufacturer for brands and retailed own label in the UK. We’re working with management to support the growth of Wholebake’s branded and own label products.

The company has recently invested in a state-of-the-art product development hub at its Chester base and in production capabilities at its Wrexham site to further enhance its range.

Growth through acquisition has already played an important role in our strategy for Wholebake. The company has bought breakfast foods manufacturer Deeside Cereals to create a larger combined group.

Meanwhile, there is significant value growth through the company’s responsible business ethos. Wholebake been certified as a B Corporation, joining the ranks of a growing group of businesses pursuing purpose as well as profit. B Lab, the not-for-profit behind B Corporation, has certified Wholebake as having met rigorous social and environmental standards.

Under our ownership, Wholebake has:

  • Acquired breakfast foods manufacturer Deeside Cereals from Agrotech Impex PTE.
  • This first bolt-on acquisition is a fantastic opportunity to create scale and bring new products to market faster.
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