Walker Morris advises Novax AB on investment in clean label ingredients company

17th March 2021

European long-term investor acquires majority shareholding in Ulrick & Short Limited, a UK-based leading clean label food ingredients specialist.

Specialist private equity and food sector lawyers have advised Novax AB, the investment company of the Stockholm-based, EUR 8bn Axel Johnson Group, on its acquisition of a majority shareholding in Ulrick & Short Limited, a UK-based leading clean label food ingredients specialist.

Ulrick & Short supplies household name food manufacturers across the world with clean label, gluten free, non-GM, plant based and organic ingredients, and innovates across a diverse range of food industry sectors including bakery, meat, dairy, soups, and sauces.

The transaction will see Ulrick & Short continue to operate as a standalone business, with the company’s founders Adrian Short and Andrew Ulrick staying on as minority shareholders and existing management team remaining in place.

Richard Naish, who heads up the firm’s Food & Drink Team, and Thomas Mieszkowski, a senior member of the Private Equity Team, advised Novax.

The transaction marks Novax’s continued commitment to engage in a more sustainable Future of Food by investing in the European specialty food ingredients market. Novax is a European long-term investor and operating partner. It partners with companies in journeys sharing that long-term vision and view of building businesses – often being entrepreneur-led or family owned.

Pär Warnström, Senior Investment Manager and Sector Manager Food at Novax:

“We are both proud and excited to partner up with Adrian, Andrew and the whole team at Ulrick & Short in this next chapter of their journey. As a long-term thematic investor and operating partner, we are pleased to offer our enduring commitment to together with the team build and expand Ulrick & Short over the years to come.

“The company illustrates much of what we believe are hallmarks of an exceptional business in a promising market – a strong and experienced management team, a competitive leading niche position with a demonstrated strength in its business model, and decades of experience and expertise under the hood. At Novax, we remain determined to take an active part in driving the food industry forward with innovation, health and sustainability in focus. We look forward to together with Adrian and the team grow Ulrick & Short and continue on this mission.”

Novax was advised on the transaction by Walker Morris LLP, Oghma Partners LLP, and Ernst & Young.