Swedish investment company Novax has agreed to acquire a majority stake in Ulrick & Short, a UK-based clean-label food ingredients firm.

Ulrick & Short delivers gluten-free, non-GM, plant-based and organic ingredients to a wide range of food industry sectors, including bakery, meat, dairy, soups, and sauces.

Ulrick & Short founder, director and shareholder Adrian Short said: “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.

“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.”

According to the deal, Ulrick & Short will continue to operate as an independent business entity.

Ulrick & Short founders Adrian Short and Andrew Ulrick will hold a minority stake in the company and continue their association with the company, along with the existing management team.

The financial details of the deal have not been disclosed.

Novax senior investment manager and food sector manager Pär Warnström said: “We are both proud and excited to partner up with Adrian, Andrew and the whole team at Ulrick & Short in this next chapter of their journey.

“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.

“The company illustrates much of what we believe are hallmarks of an exceptional business in a promising market – a strong and experienced management team, a competitive leading niche position with a demonstrated strength in its business model, and decades of experience and expertise under the hood.”

For this deal, Novax was advised by Oghma Partners, Walker Morris and Ernst & Young while Ulrick & Short was advised by Messis Finance, Rollits and Smailes Goldie Group.