Bulgaria’s Smart Organic buys LoveRaw out of administration

GlobalData

Wed, Apr 30, 2025, 6:09 AM 2 min read

Bulgarian food group Smart Organic has acquired the UK-based vegan chocolate brand LoveRaw and its assets out of administration for an undisclosed sum.

Founded in 2013 by Manav and Rimi Thapar, LoveRaw developed a range of palm oil-free and dairy-free chocolates, including Cre&m Wafer Bars, Peanut Butter Cups, and Nutty Choc Balls.

The products were stocked in UK supermarkets such as Tesco, Asda, Waitrose, Ocado and The Co-op, along with Whole Foods Market.

At its peak, the company generated revenues of £3m ($4m) and sold its products in 13,000 retail outlets across 25 countries, according to a statement from Smart Organic.

LoveRaw entered administration on 16 April following “investment and supplier challenges” that caused operational disruptions and a “rapid decline” in revenues, the Bulgarian food group said.

The sale of the company’s assets and brand was completed through an “accelerated M&A process” to Bettr Food, a subsidiary of Smart Organic.

Following the acquisition, Smart Organic is relocating LoveRaw’s production to its own newly built facility in Bozhurishte, Bulgaria.

The Bulgarian company expects the integration to drive “significant synergies”, expanding LoveRaw’s portfolio and opening access to “new markets”.

Yani Dragov, CEO of Smart Organic, said: “LoveRaw’s innovative approach and strong brand identity complement our existing portfolio, and we are excited to support its growth and expansion in the UK and beyond.”

Smart Organic added that it aims to generate "medium-term" revenues of £6m to £9m from LoveRaw-branded products, plus additional income from regional private labels.

In 2023, Smart Organic snapped up insolvent Germany-based nut butter maker Naughty Nuts.

Smart Organic, founded in Sofia in 2009, produces and distributes over 1,300 organic plant-based food products and owns brands including Bett’r, Naughty Nuts, Roobar, Dragon Superfoods, and Kookie Cat.

The company operates in more than 60 countries and is listed on the Bulgarian Stock Exchange, with a current market capitalisation exceeding €150m ($170.4m).

"Bulgaria’s Smart Organic buys LoveRaw out of administration" was originally created and published by Just Food, a GlobalData owned brand.

The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.