Healthier Options

In this report we analyse the portfolio of assets that RGO is proposing to acquire from S-Ventures. Operating in the structurally growing healthier food sector, Juvela, the leading gluten-free brand, and Pulsin, a leading manufacturer of protein bars and powders, together with Market Rocket’s digital selling expertise, are well placed to grow sales to c.£20m and EBITDA towards c.£3m in 2026E. 

On 22 March 2024, RiverFort Global Opportunities PLC (“RGO”) announced the potential acquisition of 100% of the assets and liabilities of S-Ventures plc (“SVEN”). If approved by shareholders, the transaction constitutes a reverse takeover. In this report we analyse and value the four operating businesses of SVEN, which together we refer to as the “Portfolio”.

Operating in the structurally growing global health and wellness food sector, the Portfolio comprises healthier and gluten-free brands: Juvela, Pulsin and Purely. In addition, the Portfolio includes Market Rocket, a specialist, accredited digital agency. Together we forecast the Portfolio will generate £14.3m of Sales in FY24E, rising to over £20m in FY26E, led by the launch of Juvela’s new free-from brand for retail and complemented by forecast double-digit growth at Pulsin and Market Rocket.

We value these assets at an enterprise value of c.£30m, equivalent to 1.5x 2026E EV/Sales and c.11x 2026 EV/EBITDA.