11 February 2010 – International law firm Eversheds has advised Glisten Plc, an AIM-listed food group operating in the health, nutrition, confectionery and premium snacking sectors, on a recommended takeover offer by Helsinki-listed Raisio Plc. The acquisition, which is being effected by way of a scheme of arrangement, values Glisten Plc at £19.8m.
Publicly-listed food company, Raisio has several strong brands including the cholesterol-lowering “Benecol” brand. Raisio’s principal operations are in Scandinavia, Eastern Europe and Russia. Raisio intends to invest further in the Glisten business to enable Glisten to grow organically and through a number of acquisitions. Cross-selling of each group’s respective brands within their existing geographical markets is also expected to develop.
Leading the Eversheds team, partner Robin Skelton comments:
“Eversheds has advised Glisten Plc since the business was formed and listed on AIM in June 2002 as a buy and build niche food business. This acquisition, which provides a significant premium to shareholders, provides Glisten with further capability to continue to develop its position as one of the leading European food snacking businesses”.
Paul Simmonds, Chief Executive of Glisten Plc, said:
“Glisten has had a good journey on AIM since we founded and listed the business in June 2002 with turnover of £14.3m. We believe this coming together with Raisio is exactly the right path for the business to take now. The fit in terms of ambition, skills and capabilities is excellent and both parties will bring something to the other particularly in relation to access to market, branding and product development”.