Private equity firm Elysian Capital III LP has announced, in conjunction with management, its acquisition and investment in Healthfull Holdings Group Limited – parent of Wholebake Limited – from Bridges Fund Management.

Based in Chester, Wholebake is a manufacturer of gluten-free snacking products aimed at the health food market, with two BRC AA-accredited production facilities in North Wales.

Wholebake’s current portfolio includes toddler snacking, healthy indulgence and vegan-friendly foods and the firm has established itself as a co-manufacturing partner to third-party brands, as well as its own brands Brynmor, Nine and Bounce.

Ken Terry, partner at Elysian Capital, said: “The snack bar market is a highly attractive and growing space as consumers continue to transition away from traditional confectionery into tasty and healthier alternatives. Wholebake is the go-to co-manufacturer for brands and retailed own label in the UK.”

Terry continued: “We have been highly impressed by the team culture and community feel Peter and Simon have fostered, and the strength and calibre of the people across the whole organisation. Elysian are very pleased to be supporting the team as they continue to grow the business’s branded and own label offerings.”

Peter Unsworth, Wholebake chairman, said: “We now look forward to the next chapter in the Wholebake story with our new partners, Elysian Capital. Their values and culture strongly align with our own and we are delighted that they will be partnering with us in Wholebake’s next phase of growth.”