Lotus Bakeries NV entered into an agreement to acquire additional 30.7% stake in Natural Balance Foods Ltd from Jamie and Greg Combs for £22.9 million.
May 22, 2020
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Lotus Bakeries NV (ENXTBR:LOTB) entered into an agreement to acquire additional 30.7% stake in Natural Balance Foods Ltd from Jamie and Greg Combs for £22.9 million on May 20, 2020. The price paid represents a multiple of c1.7x NBF’s current year net sales. Upon the completion of the transaction, Lotus Bakeries NV will hold 97.9% stake, while Jamie and Greg Combs will hold 2.1% stake in Natural Balance Foods Ltd. Jamie and Greg Combs will remain on board as trusted advisor and will step away from day to day management and operation responsibilities at the end of the year. The founders will remain fully operational until December 31, 2020. Gareth Dunne, Operation Director of Natural Balance Foods Ltd has been appointed as Managing Director reporting to Isabelle Maes, Executive President NBF & Chief Executive Officer Natural Foods. Stamford Partners acted as financial adviser to the minority shareholders Jamie & Greg Combs of NBF on the transaction. Tim Lake and Poonam Kumar of DLA Piper UK LLP acted as legal advisor to Lotus Bakeries NV (ENXTBR:LOTB) in the transaction.
Lotus Bakeries NV (ENXTBR:LOTB) completed the acquisition of additional 30.7% stake in Natural Balance Foods Ltd from Jamie and Greg Combs on May 20, 2020.
Lotus Bakeries NV, founded in 1932, operates worldwide in the indulgent and natural snacking segment with brands including Lotus®, Biscoff®, nàkd®, TREK®, BEAR®, Kiddylicious®, Peter's Yard®, Dinosaurus®, Peijnenburg® and Annas®. Headquartered in Belgium, Lotus Bakeries NV is a dynamic and internationally oriented company with production facilities in Belgium, the Netherlands, France, Sweden, South Africa and the United States. A third production facility for Biscoff is currently under construction in Thailand and will be operational by 2026. It has 23 sales organizations in Europe, America, Asia and Australia. Lotus Bakeries NV also works with commercial partners in approximately fifty countries worldwide. Lotus Bakeries NV has around 3,000 employees and achieved a revenue of EUR 1,063 million in 2023. Lotus Bakeries NV is listed on Euronext Brussels and is part of the BEL20-Index. The majority of shares are owned by the Boone and Stevens family.
Lotus Bakeries NV entered into an agreement to acquire additional 30.7% stake in Natural Balance Foods Ltd from Jamie and Greg Combs for £22.9 million.
LOTUS BAKERIES NV 
