Bayn Group has continued its acquisition spree outside of its core ingredients business with a binding agreement to purchase Golden Athlete, a local manufacturer of sugar and calorie-free sauces and dressings.

The deal has been struck with Golden Athlete owners T. Perérs AB for an enterprise value of SEK7.9m (US$918,885), according to a statement, which added the “acquisition offers significant synergy effects for the Bayn Group”. The transaction is expected to be completed in about two months.

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Golden Athlete founder Tomas Perérs will remain with the company, which sells products in Sweden under the Slender Chef brand, and he will “continue to develop the business for at least three years”. Perérs has been CEO of the company since 2014.

The company also has distribution rights with international firms such as Quest Nutrition, Nanosupps, Oatein and Battlebites, and has forecast net income for 2021 of about SEK16m and EBITDA of SEK3.7m.

Golden Athlete is the latest M&A deal for Bayn. Last week, Bayn revealed it had entered an agreement to acquire Swedish confectionery company Green Sales Distribution from Green Sales Newco for SEK37m. Its founders, Krister Green (CEO) and Magnus Hallin, have agreed to remain to “develop the business for at least five years”. 

Green Sales has forecast net income and adjusted EBITDA for 2021 of approximately SEK281m and SEK15m, respectively. The company’s portfolio consists of the vegan and lactose-free sweet brand Green Star, sugar-free candy under the De Bron line and organic confectionery from the EC-GO brand, all sold across the Nordic region. It was founded in 2003.

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A spokesperson for Bayn confirmed that as well as its own brands Green Sales also acts as a distributor but would not disclose revenues for the branded part of the business. All of its manufacturing is contracted out.

And in September, Bayn signed an agreement to acquire a majority stake in Amerpharma, a Poland-based producer of low-sugar sauces, jams and sports nutrition products sold in Europe. It has also snapped up confectionery business and contract manufacturer Koppers Candy Sweden, which makes sugar-reduced sweets. Koppers’ customers include Tweek, the low-sugar brand Bayn acquired during the summer.  

Commenting on the latest transaction, Simon Petrén, a vice president at Bayn, said: “It feels incredibly exciting to acquire another company that is a leader in its food-tech segment. We have an exciting time ahead of us where we see good opportunities to continue our growth journey through more acquisitions and strong organic growth in the future.”