Science in Sport agrees £82m takeover deal with private equity suitor
Science in Sport, the sports nutrition firm with a major supply chain site in Blackburn, has agreed an £82.3m takeover by London-based bd-capital Partners.
It revealed it had been approached with a potential deal yesterday (April 16) and said it was “minded to recommend” the offer to its shareholders.
This afternoon the group posted a notice on the London stock exchange, saying it had reached agreement on the terms of the recommended all cash acquisition by takeover vehicle Einstein Bidco, which values its shares at 34p each.
It is intended that the acquisition will be effected by means of a Court-sanctioned scheme of arrangement between SiS and the scheme shareholders, although Bidco reserves the right to effect the acquisition by way of a takeover offer.
The statement said bd-capital believes that the acquisition represents an attractive opportunity to partner with SiS to realise the potential of SiS’s next phase of growth.
It also believes that its operator-led investment model can accelerate SiS’s transition into its next phase of profitable growth.
With extensive experience in scaling up consumer health and sports-related businesses, bd-capital is confident that its sector-specific and functional expertise, combined with its access to additional capital, will unlock SiS’s growth potential.
The suitor said it has followed the development of SiS for a number of years and believes that the acquisition presents an opportunity to acquire two strongly positioned brands in the sports nutrition category.
And it said it believes that, due to the relative illiquidity of the SiS shares and the challenges of raising funds through public markets particularly, SiS does not currently have all the necessary components (including capital) to fully unlock its growth potential over a reasonable timeframe.
The SiS independent directors intend to recommend unanimously that scheme shareholders vote in favour of the scheme at the Court Meeting and that SiS shareholders vote in favour of the special resolution at the General Meeting.
The bd-capital entity was founded in 2019 by Andrew Dawson, former partner at Advent International, and Richard Baker, former FTSE 100 CEO and chairman, and Advent operating partner).
It is a private equity firm that follows an operator-led investment strategy, making majority investments in mid-market businesses headquartered in the UK, Benelux and Iberia, which operate in industries that are experiencing enduring structural growth across the healthcare, services and consumer sectors.
It has raised two funds since its inception, and, currently, has more than €800m in assets under management. It’s second fund closed in March 2025 with total commitments of €430m, exceeding the initial target by 20%.
The acquisition represents bd-capital’s third investment in the consumer healthcare space, following its previous investments in Symprove, a gut health food supplement brand, and Bonusan, a pan-European vitamins, minerals and supplements brand.
It also has extensive experience in the wider sports and leisure markets with investments in Sportscape, a European e-commerce platform for sports and outdoor consumer goods, and Greenset Group, a global brand and manufacturer of tennis and padel courts.
Andrew Dawson, managing partner of bd-capital, said: “We are impressed by the attractive fundamentals and high growth potential of SiS’s two brands, both operating in growing segments of the attractive sports nutrition market.
“We are particularly attracted to the science-led heritage of the company, with strong advocacy amongst elite athletes and a loyal consumer base – all of which provide it with solid foundations for growth in the UK and internationally.”
He added: “We have been monitoring the business for several years and have been highly impressed by the results achieved by the current management team in the last 18 months.
“As an operator-led, sector specialist investor, bd-capital has strong experience in supporting leading consumer health and VMS businesses, and we will bring to bear our full range of capabilities to support SiS’s growth. We look forward to working with SiS’s management and employees to accelerate the strategy and unlock the long-term value of the company.”
Henry Turcan, SiS non-executive director, said: “SiS has built a fantastic portfolio of sports nutrition products and the current management team has been instrumental in reshaping its strategic focus.
“Nonetheless, whilst progress has been substantive, much remains to be done to optimise the value potential of the SiS Group.
“The SiS board believes that the current offer reflects the premium nature of the SiS brands and market position which has been established and rewards shareholders for the faith and capital provided, most recently at the turnaround fundraising undertaken in July last year at a price of 17p per share.”
He added: “The acquisition will provide SiS shareholders with the opportunity to realise the value of their holdings, in cash, at an attractive value without providing further capital or assuming additional risk likely to be necessary to drive meaningful growth and value creation over the medium term.”
Law firm Addleshaw Goddard is advising Science in Sport. Its team is led by partner Roger Hart, head of the Manchester office, corporate lawyers George Danczak, Lucie Walker, Jonathan Fletcher-Rogers, Martin Griffiths, Faye Wiles, Jamie Partridge, Ted Hendey and Isobel Walker.
SiS shares closed trading priced at 33p per share.
