Swedish investment firm Novax has acquired a majority stake in Ulrick & Short, a UK producer of clean label food ingredients, for an undisclosed sum.

Established in 2000, Ulrick & Short specialises in clean label, plant-based and natural ingredients such as starches, flours, fibres and proteins. The company supplies food manufacturers across Europe looking to develop healthier and sustainable alternatives in the bakery, meat, dairy and ready meal sectors.

With the acquisition, Novax says it continues to commit to a more sustainable “Future of Food” by investing in the European speciality food ingredients market.

The deal will see Ulrick & Short continue to operate as a standalone business; while founders Adrian Short and Andrew Ulrick will remain as minority shareholders.

“From the first meeting with the Novax team it was clear we had found an organisation and group of people that shared our values and beliefs of how a business should be nurtured and developed,” said Adrian Short, co-founder, director and shareholder of Ulrick & Short.

“With Novax behind the company and team, we will continue to grow and have the best chance of seeing Ulrick & Short reach its full potential. The next stage of the journey is going to be an exciting one,” he added.

While Adrian Short will continue to lead the business, Andrew Ulrick will retire from his operational role and continue to support the business as a strategic advisor.

Pär Warnström, senior investment manager and sector manager food at Novax – the investment arm of Axel Johnson – said: “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.

“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.”

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