True Gum was acquired by Humble for SEK 352.4 million.

True Gum, a Copenhagen, Denmark-based producer of natural chewing gums, announced that it was acquired by the Sweden-based retail holding group Humble Group.

The deal was made for a compensation in cash and stock, for a total amount of SEK 352.4 million ($38.7M), including a SEK 83.6 million earn-outs based on the Company’s future EBITDA results for the accounting years 2022-2024.

Humble will consolidate True Gum as a subsidiary of Humble, and its founders will continue to operate and remain involved for at least three years post transaction.

True Gum, founded in 2017 by CEO Morten Ebdrup, Jacob Sand Motzfeldt, Zabrina Ziegler and Peter Juul Regnersgaard, built a food business that produces and sells all-natural chewing gums. The company’s main markets include Denmark, Sweden and Germany and the products, which consist of chewing gums, mints, and throat drops, are free from plastic, sugar, and animal ingredients.

True Gum expects net sales of about SEK 133.1 million for 2022. It previously raised €1 million from investors including the Hamburg, Germany-based VC, Oyster Bay, in 2020.