Muckle advises Cramlington confectioner on sweet deal to drive growth
We are delighted to have supported Sweetdreams, makers of Choc Nibbles and Choc Lick, in its acquisition by Surrey-based SugaRich. The deal, secured for an undisclosed sum, aids the family firm’s mission to make Choc Nibbles the top treat in its sector.
Sweetdreams has been making nostalgic brands such as Choc Nibbles and Choc Lick for more than 30 years, striking deals with national retailers, including Aldi and B&M to sell its products.
SugaRich is a leader in former foodstuff processing, stopping surplus food from going to waste and instead turning it into animal feed. The firm’s ambitions to expand its offering to the food sector led to the strategic acquisition of the Northumberland business. SugaRich also wants to cultivate collaborations that support the elimination of food waste, raise the profile of its products and reuse surplus foods in the most sustainable manner.
Exciting growth
Matt Stephenson, managing director of Sweetdreams said: “This is an exciting time for Sweetdreams and our fantastic brand Choc Nibbles. Becoming part of the SugaRich family allows us to release the full potential of our range of products offer our suppliers a unique and innovative solution to reduce surplus food waste, while benefiting from a significant increase in commercial return.
“Alex and his team have seen the fantastic work that Sweetdreams has achieved as an independent confectionery manufacturer. SugaRich’s acquisition will allow us the financial and operational support to make Choc Nibbles the number one value chocolate confectionery range in the UK and beyond.”
Alex Keogh, managing director of SugaRich said: “Our collaboration with Sweetdreams is a key step in SugaRich’s evolution. It was a strategic decision for us to marry our skills and attributes not only to progress our market position in the food sector, but to also expand on the clearly obvious potential of Sweetdreams’ innovative offering.
“Furthermore, Sweetdreams’ re-use of surplus food clearly aligns with SugaRich’s established practice and ethos; this now positions us to allow our many suppliers to take advantage of recycling their offcuts and surplus into high-quality confectionery products that are affordable and sustainable.”
Sweet support
Legal support was provided by our corporate team, led by Stephanie Brown, associate, alongside Philip Clare, partner and Ben Evans, solicitor. Stephanie said: "We are excited to have had the opportunity to continue working with the shareholders on this transaction. They are valued clients and it’s great to be able to deliver this deal for them as well as the business."
Matt Stephenson said: “As an SME selling a business for the first time, I am hugely grateful for the fantastic service, advice and, more importantly, how valued Muckles made me feel. Phil, Steph and Ben (and many others) were a calming, focussed, professional legal team that, without, I am not sure we would have got the deal that we did over the line.
“Phil and his team offer the support of a big law firm, with the unique culture and approach of a boutique service.”
For more information or if you'd like to speak to our corporate team about how we could help your business, contact Stephanie Brown on 0191 211 7815 or email [email protected]