Sold for an undisclosed sum, 18-year-old liquid egg business Two Chicks has created a new category in the UK with turnover up 100% in the last two years.
Launched by Anna Richey and Alla Ouvarova, the business has been working €1.25bn egg producer Eurovo Group in Italy since 2015, tapping into its network of 5,000 customers across over 40 countries.
Two chicks is sold in major UK supermarkets including Tesco and Lidl, as well as in global markets including France and the Netherlands.
Two Chicks’ sale benefits
Now part of the Eurovo Group, Two Chicks will be able to better tap into the resources of the larger group, allowing it to sustain additional growth. For example, the business can tap into Eurovo’s fully integrated supply chains.
Plans include a product range expansion as well as developing in additional markets.
The existing team will remain in place and continue to be led by Two Chicks’ founders.
"we look forward to benefitting from Eurovo’s extensive and diverse production capabilities, along with their geographical reach and scale, which will enable us to achieve common goals including exciting new product development," said Ouvarova.
Details of Two Chicks’ sale
Food and drink industry corporate finance advisor Oghma Partners advised shareholders Richey and Ouvarova on the sale.
While the sale will help aid Two Chicks’ growth, it will also allow Eurovo cleaner access to the UK market.
Two Chicks’ accounts are undisclosed due to the size of the company, and the business declined to provide sales figures.
The full details of the deal were undisclosed, though it is understood both founders retain a minority stake in the business.
