Consumer products supplier Supreme PLC (AIM:SUP) has announced the acquisition of FoodIQ UK Holdings, the protein manufacturer, for a consideration of £175,000.
Supreme, which is better known as the UK distributor of the ElfBar vapes, acquired the trade and assets of the manufacturer out of administration.
According to the announcement, the acquisition provides Supreme with access to a “purpose-built, state-of-the-art, accredited, automated contract manufacturing facility that opened only 18 months ago and cost almost £1.2 million to build”.
Before entering administration, Helsinki-based FoodIQ raised €13 million (£11.2 million) in 2022 in a funding round led by Swedish food-tech company Nicoya.
FoodIQ’s aimed to use the funding to scale its plant-based food business.
Supreme plans to keep existing facilities operational from its site near London and expects that the facility will increase Supreme's wellness manufacturing capacity by around 40%.
Sandy Chadha, chief executive of Supreme, commented: "We are delighted to have completed this acquisition, which provides our fast-growing sports nutrition and wellness division with the manufacturing capacity required to meet growing demand.
“We have used Food IQ in the past to manage capacity requirements in our sports nutrition and wellness division so are familiar with their capability."