Cinven to become lead investor in Vitamin Well

International private equity firm, Cinven, today announces that it has reached an agreement to become the lead investor in Vitamin Well (‘the Company’), the Swedish provider of protein bars and sport and health beverages. Bridgepoint, the current majority investor, will retain a significant minority stake in Vitamin Well going forward. Financial details of the transaction are not disclosed.

Established in 2008 and headquartered in Stockholm, Vitamin Well is a fast-growing functional food and beverage business, offering premium products for health-conscious and active consumers. Today, the company has c. 500 employees, with a broad product portfolio across several brands, including core brands: Vitamin Well (vitamin and mineral-enriched drinks), NOCCO (performance energy drinks) and Barebells (protein bars and shakes), which are sold internationally across more than 40 markets.

Cinven has spent significant time targeting investment opportunities in the health, wellbeing and fitness sector, given its attractive characteristics, underpinned by the structural shift away from less healthy snacks and drinks. The functional food and drinks segment has grown rapidly in recent years and is forecast to continue to grow, driven by an increased awareness of, and greater consumer focus on, healthier and more active lifestyles.

Cinven’s Nordic regional team and Consumer sector team worked closely together to identify Vitamin Well as an attractive investment opportunity given its:

• well-established position in a large and structurally growing market, underpinned by health and wellness consumer megatrends;
• portfolio of high-quality, differentiated brands, which receive excellent feedback on taste, texture and nutrition;
• track record of profitable organic growth, innovation and investment in product development; and
• strong and experienced management team.

Pontus Pettersson, Partner and Head of the Nordic regional team at Cinven, commented:

“We are delighted to partner with co-founder Jonas Pettersson, the management team, and Bridgepoint to support Vitamin Well in its next stage of growth. This is an exciting time for the business – while it has achieved a huge amount in its first 15 years, we think its journey has just begun. Cinven has significant experience investing in both the Consumer sector and the Nordic region, including backing leading businesses to expand internationally, and we believe that we can use this knowledge to support the management team to effectively deliver and achieve their ambitious targets.”

Matteo Corà, Partner and member of the Consumer team at Cinven added:

“Vitamin Well is a fantastic business that has transformed the landscape for healthy snacking, developing drinks and snacks that do not compromise on taste, function or design. Recognising the market’s shift towards healthier eating and snacking on the go and its promising long-term growth prospects, Cinven identified Vitamin Well as a clear leader in its field. With this investment, we further extend Cinven’s track record as a leading investor in the broader European Consumer space, and we look forward to the next chapter of growth alongside Jonas and his team.”

Jonas Pettersson, CEO and Co-Founder of Vitamin Well said:

“With Bridgepoint as a partner, we have strengthened our presence in our core market, the Nordic region, and expanded our international presence. We look forward to continuing our journey with both Bridgepoint and Cinven as we further expand our presence globally. With their continued support, we are confident in our ability to innovate, grow and develop, bringing our premium products to even more health-conscious consumers around the world."

Christopher Bley and Johan Dahlfors, Partners and Co-Heads of the Nordics at Bridgepoint, said:

"We are proud to have been part of the remarkable growth and transformation that Vitamin Well has achieved, with revenue increasing twelvefold during our partnership, and the company expanding from 50 employees in 2016 to 500 employees today. The Vitamin Well management team and the broader organisation are exceptionally strong and highly motivated, and we have strong conviction in the company’s ability to sustain its growth momentum. We look forward to continuing to work with Vitamin Well and welcome Cinven as a new partner to help support the continued global expansion."

Morgan Stanley & Co. International plc and Rothschild & Co acted as financial advisors to Cinven on the transaction.

The transaction is subject to regulatory approvals and other customary closing conditions.

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About Cinven

Cinven is a leading international private equity firm focused on building world-class global and European companies. Its funds invest in six key sectors: Business Services, Consumer, Financial Services, Healthcare, Industrials and Technology, Media and Telecommunications (TMT). Cinven has offices in London, New York, Frankfurt, Paris, Milan, Madrid, Guernsey and Luxembourg.

Cinven takes a responsible approach towards its portfolio companies, their employees, suppliers, local communities, the environment and society.

Cinven Limited is authorised and regulated by the Financial Conduct Authority.

In this press release ‘Cinven’ means, depending on the context, any of or collectively, Cinven Holdings Guernsey Limited, Cinven Partnership LLP, and their respective Associates (as defined in the Companies Act 2006) and/or funds managed or advised by any of the foregoing.

For additional information on Cinven please visit www.cinven.com and www.linkedin.com/company/cinven/.