Acquisition of Livia’s Health Foods Limited
18/02/2022 07:00
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RNS Number : 0636C S-Ventures PLC 18 February 2022
18 February 2022
S-Ventures PLC
("S-Ventures" or the "Company")
Acquisition of Livia's Health Foods Limited
S-Ventures, the Company establishing an exciting group of natural and organic
brands, is pleased to announce the acquisition of the business and assets of
Livia's Health Foods Limited ("Livia's") a UK manufacturer of natural, plant
based, indulgent, innovative and healthy food treats.
Livia's was founded in 2014 with the aim of creating indulgent, innovative
snack food products made with plant based, natural ingredients. All products
are gluten and dairy free. In 2017 the company launched its products
nationwide to major UK grocery stores and supermarkets including Sainsbury's
Ocado and Waitrose. Product ranges include Million Squares, Nugglets and Dunx,
all made of natural ingredients. More recently in 2020 the product range was
expanded further into sweet snacking with the launch of Dunx Dips.
In the year ended 30 September 2020 the latest period for which accounts were
filed, sales were £1.6m and unaudited loss before taxation was £1.39m.
Unaudited management accounts for the 12 months ended 31 January 2022 showed
sales of £1.3 million.
The aggregate consideration for the acquisition is £355,000 payable on
completion comprising £130,000 in cash and 321,429 new ordinary shares in
S-Ventures issued at a price of 70p per share ("New Ordinary Shares"], as
compared to the closing mid-market price of an S-Ventures ordinary shares of
47.5p on 16 February 2022. In addition, the vendors will receive a bonus of up
to an additional £100,000 in cash and new S-Ventures ordinary shares, also
issued at a price of 70p per share, if Livia's revenues exceed £600,000 in
the 10 months following the acquisition.
Livia's is the latest addition to the rapidly growing portfolio of health food
businesses acquired by S-Ventures since its listing on the Aquis Growth Market
in September 2020. The S-Ventures team will apply their skills and resources
to direct and develop Livia's with the aim of enabling the business to realise
its full potential.
Scott Livingston, S-Ventures Chief Executive Officer commented:
"The Livia's team have done a fantastic job in establishing and building a
respected and successful brand and set of healthy plant based snacking
products across multiple channels. As part of the S-Ventures Group Livia's can
expand and progress and become a mainstream player in this growing natural
based products market. I am very excited about the prospects of this
innovative business and the enthusiasm of its management team."
Admission and Total Voting Rights
Application will be made for the New Ordinary Shares to be admitted to trading
on the AQSE Growth Market and this is expected to occur on or around 23
February 2022 ("Admission"). Following Admission, the issued share capital of
the Company will be 117,141,340 ordinary shares. This figure may be used by
shareholders as the denominator for the calculations by which they will
determine if they are required to notify their interests in, or change to
their interest in, the Company under the FCA's Disclosure and Transparency
Rules
This announcement contains inside information for the purposes of article 7 of
EU Regulation 596/2014 which forms part of domestic UK law pursuant to the
European Union (Withdrawal) Act 2018 ("UK MAR"). Upon the publication of
this announcement this inside information is now considered to be within the
public domain.
Enquiries:
S-Ventures PLC
Scott Livingston (Chief Executive Officer) +44 (0) 1932 400 224
Robert Hewitt (Chief Financial Officer)
AQSE Corporate Adviser and Broker:
VSA Capital Limited +44 (0) 20 3005 5000
Andrew Raca/Pascal Wiese - Corporate Finance
Andrew Monk - Corporate Broking
IFC Advisory (Financial PR) + 44 (0) 20 3934 6630
Graham Herring
Tim Metcalfe
Florence Chandler
About S-Ventures
S-Ventures is listed on UK AQUIS Exchange (Ticker Code "SVEN"). The Company
seeks to identify investment opportunities in the health & wellness,
organic food and wellbeing sectors within the UK and Europe, adding value by
providing capital and expertise to the target companies. The experience and
operational skills of the Board led by Scott Livingstone (CEO) are intended to
act as an accelerator to smaller brands that have a strong foundation and
platform but may lack the skills and capital. The main objectives are to cross
fertilise opportunities between the target companies and to scale the
individual entities and look for exit opportunities and/or synergistic
collaborations and through scaling we seek to create significant value for
all stakeholders. Since listing on AQSE in September 2020, the Company has
acquired significant interests in six companies.
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