CNP pumps up with sale to First Milk

A NORTH West sports nutrition company which supplies the British Cycling team, has been snapped up by a Scottish firm.

Hyde-based CNP Professional, which was founded by former champion weightlifter Kerry Kayes, and has annual sales of around £6.5m a year, has been acquired by Glasgow company First Milk.

Mr Kayes, who launched the 30-strong business in 1998, said: “Following substantial investment in the brand, production capability and customer offer CNP is a trusted source of high quality nutrition for its users, and the involvement of First Milk will only help to expedite our continued growth.”

First Milk is a farmer-owned food business that supplies and markets 15% of the milk produced in the UK.

Manchester law firm Turner Parkinson and investment bank Altium advised CNP on the sale.

It is Altium’s second significant transaction in this sector in the last year, having advised entrepreneur Oliver Cookson on the sale of MyProtein to the Hut Group last year for nearly £60m.

The financial terms of the CNP deal were not disclosed by a value of up to £15m has been mooted.

Altium’s Simon Lord said: “Over the past three years, CNP has developed a fully formed sports nutrition programme and this acquisition will ensure security of key raw materials supply. First Milk is the ideal partner to capitalise on the impressive growth that CNP has already seen and take the business to the next level.”

Turner Parkinson corporate partner James Sheridan added: “The Turner Parkinson and Altium teams worked well to deliver an excellent outcome for CNP’s shareholders.”