Bridges Ventures is hungry for more fmcg deals after making its first food acquisition last week with the purchase of Welsh cereal bar maker Wholebake.

The transaction was led by Oliver Wyncoll, who recently joined the investment firm from Langholm Capital, where he led the Tyrrells and Dorset Cereals acquisitions and exits.

Wyncoll said he was looking to invest between £3m and £15m of equity in small consumer businesses with strong growth potential and a positive social role.

“We are looking to do similar investments that create a financial and societal impact - be it in terms of job creation, environmental leadership, Health or education,” he said.

He added Wholebake, which makes the 9 Bar brand of seed-based snack bars, fitted the bill because its products were healthy and in tune with consumer trends.

The business also provides valuable jobs in an area of high unemployment in North Wales, and the investment by Bridges Ventures is expected to generate 60 extra jobs over the next three to five years.

Wholebake will work with Laurence Bass, former Tyrrells head of international who now works as a consultant, to develop its overseas business. It already operates in Northern Europe, France and the Czech Republic.

Wyncoll said there was considerable potential to grow distribution in the UK and explore new channels such as travel retail. It also has a contract manufacturing business that Bridges is looking to grow.