East Yorkshire-based PhD Nutrition has been sold in a £32m deal.
PhD, based in Willerby, has been acquired by Science in Sport, based in Lancashire in a move which will double the latter’s size.
Science in Sport also announced a proposed placing to raise approximately £29 million before expenses (the “Placing”) through the issue of 48,394,666 new shares in order to fund the majority of the cash consideration payable to the PhD seller.
PhD is one of the UK’s leading protein brands with a retail a core sales channel with increasing revenue growth through its Amazon sales channel.
It has a presence in over 45 countries across Europe, the Middle East, China and Australia and generated revenue of £20.8 million and adjusted EBITDA of £2.8 million at its last set of results.
Stephen Moon, Chief Executive of SiS, said: “The acquisition of PhD is highly complementary, doubles the size of our business and accelerates our ambition to become a global leader in premium performance nutrition.
“It is a compelling combination that will deliver a wider product offering, including premium protein, provide broader consumer reach and greater international presence, and dovetails our respective strengths in retail and e-commerce channels. Operating in a rapidly developing market, we see this transaction as an important step towards winning on the global stage. With the clear synergies and growth prospects of the combined group we anticipate delivering strong returns.”