Online retailer THG has today announced the sale of Claremont Ingredients for 拢103m in a cash deal.
The business, which THG acquired in 2020 for 拢52m, has been bought by fast-growth international flavour specialists, Nactarome Group, which is majority owned by TA Associates.
The proceeds from the deal will go towards reducing Manchester-based THG鈥檚 net leverage and borrowing costs as it targets a neutral net cash / net debt position.
CEO Matt Moulding said: 鈥�Claremont has been a huge success, building Myprotein’s global licensing franchise from a standing start to partnering with category leading brands in just a few years.
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“After receiving a highly competitive offer, the timing was right to realise that value. The level of interest we received is a testament to the quality of the business.
“This disposal highlights the significant value embedded across THG’s portfolio.
“Finally, the decisions we are taking as a business to support our customers and grow Myprotein’s market share aligns clearly with our wider strategy to streamline the group and focus on our core strengths, whilst maintaining a strong balance sheet.鈥�
However, Moulding used his LinkedIn account to renew his long-standing criticism of Numis (now rebranded as Deutsche Numis).
Moulding has accused Numis of previously trying to discredit THG and him personally, citing a critical memo the investment bank circulated in 2021 suggesting THG had 鈥榠rregularities in accounting鈥� 鈥� which they later retracted and apologised for.
The 53-year-old, who has been enjoying a family holiday, claimed Numis had questioned the 2020 decision to buy Claremont 鈥� and said today鈥檚 announcement finally put the matter 鈥榯o bed鈥�.
He wrote: 鈥淭he acquisition has been a huge success. It鈥檚 paid back most of our investment already, and now we鈥檝e sold it for double what we paid, less than five years later.
鈥淏ut beyond the numbers, Claremont was pivotal in launching Myprotein鈥檚 global licensing model, unlocking a long list of international collaborations.鈥�
Deutsche Numis has previously failed to respond to 老九品茶Cloud’s requests for a comment.
THG鈥檚 interim results will be published in September.