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PKF Francis Clark have advised the founders of OOMF! on raising equity to fund the breakfast business’s expansion.
OOMF! was launched in 2011 by brothers Andrew and Robert Sweeney to provide a tasty high-protein, low-sugar on-the-go porridge to target the growing active nutrition sector. The porridge contains whey, a high-protein by-product of the cheese making process, and natural sugar Xylitol that has no insulin response and is recommended by dentists, and achieved recognition in the market by building a presence on popular social media sites. The brand is stocked in numerous retailers including Waitrose, Tesco and Holland and Barrett.
As an early-stage business with huge ambitions, the founders were keen to secure equity investment not only to help fund expansion but also to access expertise in brand development and increasing market penetration both in the UK and internationally. The deal was funded by Foresight Group, an independent private equity investment manager with a portfolio covering a range of sectors including healthcare, consumer and leisure, engineering and industrial and TMT which currently supports over 50 UK SMEs.
Andrew Sweeney commented: “The equity raise will allow Oomf to unlock the growth potential in the business and increase our brand presence in the market, and we are excited about the future opportunities that this investment will allow us to exploit. We have a strong relationship with PKF Francis Clark, having worked with Sam Chapman for some time. He introduced us to Paul Stout and their Corporate Finance team to advise on this raise, and we have been really impressed by the support they have provided us with from start to finish.”
Paul Stout and Chris Potts from the PKF Francis Clark Corporate Finance team advised on the fund raise. The investment will be used to increase manufacturing capacity, access new routes to market in the UK and develop overseas sales opportunities.
Paul Stout, Corporate Finance Partner at PKF Francis Clark said: “Andrew and Robert came up with a great idea, and through hard work, perseverance and innovation have produced a brand that goes from strength to strength. This initial funding will allow them to take the business to the next stage in its ambitions.”
Sam Chapman, Partner at PKF Francis Clark said: “It’s been great to see a start-up company grow and take the product offering to a new level. We look forward to continuing working with them in their next stage and this transaction highlights our continuing commitment and support to local entrepreneurial businesses.”