Sports nutrition company in good shape after £72m acquisition
A Solihull sports nutrition firm, highlighted as one of the UK’s fastest growing companies, has been acquired in a private equity deal valued at £72m.
Lion Capital has agreed to acquire a majority stake in Grenade Holdings from Grovepoint Capital and Grenade’s founders, husband and wife team, Alan and Juliet Barratt.
Lion is known for its experience in investing in leading food brands such as Weetabix, Kettle Chips and Orangina-Schweppes.
Grenade, founded in 2010, has grown rapidly since its launch and has built a distinctive lifestyle brand which is now sold in over 100 countries.
Grenade’s success has made it one of the UK’s fastest growing companies; a performance recognised with the company being placed in the Sunday Times Fast Track Top 100 for the past three years running and being listed at 40 in last month’s Sunday Times SME Export Tracker.
Grovepoint originally invested in Grenade in February 2014 when the when the company offered just six products, primarily sold through specialist retailers.
Over the past three years, Grenade has successfully launched a variety of new products, including its signature ‘Carb Killa’ range of high protein bars and drinks, and expanded distribution rapidly into mainstream convenience and grocery channels in the UK and abroad.
The team behind the business will continue their involvement for the next stage of its growth. Co-founders Alan and Juliet Barratt will continue to lead the business as CEO and Chief Marketing Officer, respectively, alongside CFO and Sales Director Tom Murphy, who joined the business in 2014.
James Cocker, Partner, Lion Capital said: “Grenade has enjoyed exceptional growth over the past few years, driven by an exciting and distinctive brand and products which offer a unique combination of flavour and functional nutritional benefits.
“We have followed the business for some time and believe it is one of the most innovative players in this high-growth segment with a product offering that is exceptionally well-aligned with multiple consumer trends. We look forward to working with Alan, Juliet and Tom to help Grenade capitalise on its tremendous potential.”
Avital Lobel, Partner and Head of Principal Investments, Grovepoint said:
“We are proud to have been part of the journey with Alan, Juliet and the team of growing Grenade into the market leading brand that it is today.
“During the three years of our partnership, we have seen Grenade transform the range and distribution of its products to become one of the most exceptional FMCG brands in the market. Grenade has an exciting
future ahead of it.”
Alan Barratt said: “It’s been an amazing seven years since Juliet and I first launched Grenade but we really are just getting started in regard to building a global lifestyle brand.
“Our team will remain dedicated to innovating and manufacturing the best products possible and are excited to be partnering with Lion Capital for our next phase of growth, both in the UK and overseas.”
Grovepoint and the existing shareholders were advised by Houlihan Lokey, DLA Piper and Deloitte. Lion Capital was advised by Proskauer, PwC, Stamford Partners and Parthenon-EY.
