Corporate finance firm adds muscle to out-of-region deal

CORPORATE finance firm Springboard added its muscle to a deal which saw sports nutrition company CNP Professional change teams.

CNP was transferred from First Milk to The Protein Partners for an undisclosed sum. The Protein Partners is a new vehicle created by County Milk Products, the £180m-turnover group based in Wilmslow, Cheshire.

CNP Professional was set up nearly 20 years ago by former British bodybuilding champion Kerry Kayes, who stepped down as a director in 2014.

The business, based in Hyde, has an in-house manufacturing facility and has serviced the sports nutrition market with an elite product range that has been used by professional athletes including British Cycling Team GB.

Springboard Corporate Finance advised First Milk, having been working with the business on a sale following a strategic review last year.

Springboard partner Ben Bolt, who worked on the deal alongside Matthew Guest, said: “Under First Milk’s stewardship CNP has maintained its market position as a pre-eminent sports nutrition brand with a reputation for innovation, high quality products and an excellent and loyal customer base.

“We secured a range of competitive offers and are delighted to have negotiated and delivered the sale to The Protein Partners, which we believe represents an excellent deal for both parties.”

Mike Gallacher, chief executive of Scottish group First Milk, added: “This transaction secures the future of CNP, its employees and its state of the art manufacturing facility.  We are confident that the CNP brand will continue to develop and flourish under the stewardship of The Protein Partners.”