Bridges Ventures acquires controlling stake in UK snack bars maker Wholebake

Venture capital firm Bridges Ventures has acquired a controlling stake in UK-based healthy snack bar and flapjack maker Wholebake, for an undisclosed amount.

Wholebake produces and distributes snack bars, including its own 9bar brand.

The investment by Bridges will allow it to expand the capacity and brand development of Wholebake, while creating around 60 new jobs in the coming three to five years.

It is the latest of six investments made so far from the Bridges Sustainable Growth Fund III, which last year completed its final close at £125m.

The company also intends to develop additional distribution and build increased consumer awareness for 9bar.

Wholebake CEO Mark Gould said: "We are excited by the opportunity of working with Oliver and the whole Bridges team to fulfil the potential that we see in our business.

"Healthy snacking is an exciting market, which we expect to continue to develop rapidly in the UK and internationally."

Bridges Sustainable Growth Funds partner Oliver Wyncoll said: "We have been impressed by Mark, his team and the quality of Wholebake’s products. These natural products are bang on trend with consumer demand for great tasting, higher protein, gluten-free snacking.

"With our investment, we hope to widen the strong and loyal following that 9bar has developed and open-up new sales channels which will create many new jobs in North Wales."

Established in 1996, Wholebake employs around 104 people at its facilities in Corwen and Wrexham in North Wales.

Since acquiring Wholebake three years ago, Mark Gould and operations director Richard Shaw have improved sales from £4m in 2011 to £11m as of the end of March 2014.