Nutrition brand Protein Works has announced its acquisition by Lactalis, the world’s leading dairy company.
Founded in 2012, Protein Works produces a wide range of protein-based nutrition products designed for health and well-being. Its portfolio includes protein shakes, meal shakes and savoury options, wellness supplements and protein snacks.
The company, which has been backed by YFM Equity Partners since 2019, generates annual revenues of approximately £55 million and has sold 500n shakes to date.
Founder Mark Coxhead said: “It’s been an incredible ride for both Protein Works and me over the last 15 years. Seeing the brand in rude health and ready for its next phase of exciting growth makes me very proud.
“With such a talented team, now backed by Lactalis, the sky is the limit for the brand I started all those years ago in my spare bedroom.”
Protein Works operates a fully integrated model, with products manufactured at its recently opened, state-of-the-art facility in Speke, Liverpool and distributed through its direct-to-consumer model.
The brand has a strong connection with its c.3m customers and has built a loyal following, which has helped it establish a solid position in the United Kingdom. It also operates across several European markets, including Germany, France, Ireland and Italy.
Laura Keir (pictured), CEO of Protein Works, added: “Our acquisition by Lactalis is a very exciting new chapter in the Protein Works story. There are natural synergies between the two businesses, and a deep care for quality, customers and our teams.
“The move allows us to accelerate the growth of the Protein Works brand and reach new customers, whilst providing new expertise to the group as a whole.”
All Protein Works’ employees are joining the Lactalis Group as of 1st June. Lactalis says it will ‘preserve the unique identity of its brand’.
Nicola McQuaid, portfolio partner at YFM, and Protein Works board member, added: “Protein Works has been one of the standout investments in our portfolio, and a 10.8x cash multiple reflects seven years of our hands-on partnership, backing an exceptional team.
“We identified the opportunity, backed the brand’s move to serve a mainstream lifestyle nutrition customer, supported the PW Campus investment and the team’s continued push into international markets, taking the business from £13m to £55m in revenue and building something that ultimately attracted the world’s leading dairy company.”
Houlihan Lokey acted as exclusive corporate finance advisor to the shareholders, advising on all aspects of the preparation, structuring, and negotiation of the transaction. DWF acted as legal counsel.
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