Novax AB acquires majority stake in Ulrick & Short

Ulrick & Short has announced Novax AB, the investment arm of Swedish group Axel Johnson, as its new majority shareholder. The transaction marks Novax’s continued commitment to engage in a more sustainable Future of Food by investing in the European specialty food ingredients market.

Ulrick & Short specialises in high value-added, clean label, plant-based, functional ingredients, working with food manufacturers across Europe to develop transparent and healthier products. The new partnership lays down a statement of intent to achieve long-term, sustainable growth in new and existing sectors and markets.

Senior investment manager & sector manager, Food at Novax, Pär Warnström, said: “We are proud to partner up with Adrian, Andrew and the whole team at Ulrick & Short for this next chapter of their journey. As a long-term thematic investor… we are pleased to offer our enduring commitment to together with the team build and expand Ulrick & Short. The company illustrates much of what we believe are the hallmarks of an exceptional business in a promising market.”

The agreement will see Ulrick & Short continue to operate autonomously, with Adrian Short remaining as CEO. The underlying values of tenacious and industry-leading levels of technical support and customer service will continue to be the foundation of Ulrick & Short.

After 21 years, co-founder of Ulrick & Short, Andrew Ulrick, will retire from his operational role and continue to support and be available to the business as a strategic advisor. He said of the new partnership: “I believe that in Novax we have found a partner with a compatible culture who will provide significant support in the future direction of Ulrick & Short”.

Adrian Short, who will continue to lead the business moving forward, added: “It is clear we have an organisation and group of people that shares our values & beliefs… With Novax behind U&S, the company has a great chance of reaching its full potential… The next stage of the journey is going to be an exciting one.”

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