The US food and beverage industry is buzzing with news of a potential takeover bid for Whole Earth Brands. The bid comes from Sir Martin Franklin, the company’s largest investor, who already owns over 21% of the business
In a recent SEC filing, Franklin unveiled his proposal to take full control of Whole Earth Brands. With a portfolio including nut butters, Wholesome honey, and Candarel sweetener, the company is valued at approximately $169m, or $593m including debt, according to Bloomberg data.
The offer of $4 per share caused a 25% surge in Whole Earth Brands’ share price, closing at $3.90 on June 26. Franklin plans to merge the company with another consumer company he controls, Royal Oak Enterprises, a charcoal seller.
Whole Earth Brands, which went public in 2020, appointed Michael Franklin as its interim CEO after Albert Manzone stepped down. The company recently made changes to its executive team, welcoming new members including Bernardo Fiaux as its finance chief and Nigel Willerton as president and COO of branded CPG in North America.
Michael Franklin expressed his enthusiasm for the company’s future, stating, “Streamlining our operations and enhancing cross-functional activities are key corporate priorities as we strive to enhance our productivity and generate sustainable long-term growth.”
Whole Earth Brands reaffirmed its full-year 2023 outlook, expecting revenues of $550m to $565m and adjusted EBITDA of $76m to $78m.