Private equity player Cinven has become the lead investor in Swedish sports nutrition and drinks specialist Vitamin Well.
Bridgepoint, the former majority investor, will retain a significant minority stake in Vitamin Well following the transaction.
Bridgepoint originally invested in Vitamin Well in 2016. Since then, the company has experienced “exceptional growth”, expanding its product range and launching into several international markets, including the UK, Spain and the US.
It made its UK debut in spring last year, launching a quartet of uncarbonated, low-calorie drinks, containing vitamins and minerals, through WH Smith, Amazon and specialist health outlets.
The group boasts a health-focused portfolio across a number of brands, including Vitamin Well enriched drinks, Barebells protein bars and shakes and Nocco performance energy drinks.
Cinven said the “attractive investment opportunity” reflected the brand’s position in a large and structurally growing market, its portfolio of differentiated brands and a track record of profitable organic growth, innovation and NPD.
Pontus Pettersson, partner and head of the Nordic regional team at Cinven, commented: “This is an exciting time for the business – while it has achieved a huge amount in its first 15 years, we think its journey has just begun. Cinven has significant experience investing in both the consumer sector and the Nordic region, including backing leading businesses to expand internationally, and we believe that we can use this knowledge to support the management team to effectively deliver and achieve their ambitious targets.”
Jonas Pettersson, CEO and co-founder of Vitamin Well, said: “With Bridgepoint as a partner, we have strengthened our presence in our core market, the Nordic region, and expanded our international presence.
“We look forward to continuing our journey with both Bridgepoint and Cinven as we further expand our presence globally. With their continued support, we are confident in our ability to innovate, grow and develop, bringing our premium products to even more health-conscious consumers around the world.”
Christopher Bley and Johan Dahlfors, partners and co-heads of the Nordics at Bridgepoint, added: “We are proud to have been part of the remarkable growth and transformation that Vitamin Well has achieved, with revenue increasing 12-fold during our partnership, and the company expanding from 50 employees in 2016 to 500 employees today.
“The Vitamin Well management team and the broader organisation are exceptionally strong and highly motivated, and we have strong conviction in the company’s ability to sustain its growth momentum. We look forward to continuing to work with Vitamin Well and welcome Cinven as a new partner to help support the continued global expansion.”
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