Houlihan Lokey Advises Little Moons

Houlihan Lokey is pleased to announce that Little Moons has sold a significant minority shareholding to L Catterton. The transaction closed on 29 March 2022.

Little Moons was founded in 2010 by siblings Vivien and Howard Wong, inspired by their parents’ bakery and their passion for quality, taste, and craftmanship. Little Moons makes “ice cream from another world”— bite-sized balls of artisanal gelato wrapped in a layer of mochi dough. Little Moons ice cream bites boast intense flavour without preservatives or artificial ingredients, addressing both indulgence and health trends, and has become one of the fastest growing food brands in the UK over the last few years. The company’s highly differentiated product is sold to both restaurants and stores, generating high brand traction and demand across a broad range of engaged and passionate consumers. Little Moons’ products can be found in stores across Europe, including Tesco, Sainsbury’s, Asda, Morrisons, Edeka, Carrefour, Waitrose, Ocado, Whole Foods Market, and Selfridges Food Hall. With L Catterton’s support, Little Moons will be positioned to accelerate its growth and international expansion, developing into a globally recognised frozen snacking brand.

With more than $30 billion of equity capital across its fund strategies and 17 offices around the world, L Catterton is the largest global consumer-focused private equity firm. Leveraging deep category insight, operational excellence, and a broad strategic network of relationships, L Catterton’s team of nearly 200 investment and operating professionals supports management teams around the world in building strong, category-leading brands. Since 1989, the firm has made approximately 250 investments in consumer businesses.

This deal represents another successful transaction for Houlihan Lokey in the mochi industry after advising The Mochi Ice Cream Company (My/Mo) on its sale to Lakeview Capital in the US in January 2020. This deal also highlights Houlihan Lokey’s position as the preeminent advisor in the snacking industry, whilst more broadly reinforcing its global leadership in the consumer space, with over 100 transactions announced since January 2021.

Houlihan Lokey served as the exclusive financial advisor to the shareholders of Little Moons and assisted in initiating, structuring, and negotiating all aspects of the transaction on their behalf.