Lotus Bakeries has reached an agreement with the founders of Natural Balance Foods to acquire the majority of their remaining stake in the business, taking its ownership to 98%.

The deal was completed for an undisclosed amount that represents around 1.7x the current year net sales.

Founded in 2004 by Jamie and Greg Combs, who retain a 2% stake and will remain on the board, NBF is the company behind the Nakd and Trek brands.

Lotus had already acquired a 67.2% stake in the business in 2015. Integrating it within Lotus’ network “brought NBF to another level over the last five years”, the company said.

Its most recent accounts showed annual revenues of £42m in 2018.

Since launching, Nakd and Trek have become customers’ favourites for their healthy snacking alternatives, free from gluten, dairy, wheat and added sugar. 

Natural Foods Lotus Bakeries CEO Isabelle Maes said: “We have great respect for what has been realised by NBF’s founders and its management team, not only in terms of its growth, which is truly impressive, but by their vision of wholefoods snacking.”

Greg and Jamie Combs said they looked forward to “exploring and championing the next generation of mind-blowing wholefoods innovations and innovators”.