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13 Sep 2021

Stephenson Harwood advises Elysian Capital and Wholebake on Deeside Cereals acquisition


Law firm Stephenson Harwood LLP has advised Elysian Capital and its investee company, Wholebake Limited, on its acquisition of Deeside Cereals I Limited, from Agrotech Impex PTE Limited.

Elysian Capital is an independent private equity firm focused on the lower mid-market in the UK and Ireland. It acquires majority stakes in growth businesses valued between £20 million and £100 million. This transaction represents the fourth investment in the last month from the Elysian Capital III LP Fund, which closed in September 2020 at £325 million.

Deeside Cereals is a UK manufacturer of private label breakfast cereals and cereal bars for leading food retailers. Wholebake is a UK co-manufacturer of healthy snacking products. This deal will merge Wholebake and Deeside Cereals to form a combined group, which focuses on driving growth in both the snack bar and own label cereal markets.

The Stephenson Harwood team was led by private equity partner Malcolm MacDougall, who was supported by private equity senior associate Lucy Thorpe and associate Dafni Loizou. Further assistance was provided by employment senior associate Richard Freedman and associate Elspeth Hunt, tax senior associate Kate Worthington, banking partner Julie Romer and banking associate David Harris, and pensions partner Philip Goodchild and senior associate Naeem Noor.



Malcolm MacDougall

Malcolm MacDougall

T:  +44 20 7809 2625 M:  Email Malcolm | Vcard Office:  London

Lucy Thorpe

Lucy Thorpe
Managing associate

T:  +44 20 7809 2299 M:  +44 7702 152 777 Email Lucy | Vcard Office:  London


Rose Charteris
Senior communications and PR executive

T: +44 20 7809 2961 
Email Rose