Vitamin Well, the Sweden-based energy bars and functional drinks business, has a new investor on board in the shape of private-equity firm Cinven.
After months of speculation around its investment backing, Cinven now becomes the “largest shareholder” in Stockholm-headquartered Vitamin Well.
UK-based investor Bridgepoint Group, which invested in Vitamin Well with a majority interest in 2016, has sold an undisclosed stake in the business to Cinven but will “retain a significant minority shareholding”.
Bridgepoint explained in a statement today (6 August) that the initial 2016 investment was channelled through a fund managed by Bridgepoint Development Capital.
Following an additional investment in Vitamin Well in 2021, the company has been “co-owned with Bridgepoint Europe”. Both funds will remain invested in the business post-transaction, which is expected to complete in the second half of this year subject to regulatory approvals.
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 twelve-fold 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.”
Vitamin Well produces low-calorie, sugar-free drinks fortified with vitamins and minerals and which are also low in fructose. Energy bars are also included in the portfolio.
Protein bars and shakes are manufactured under the Barebells brand, while its vitamins and minerals-based functional drinks are marketed under the company’s namesake line.
Nocco performance energy drinks make up the rest of the portfolio.
Vitamin Well supplies markets in the DACH region – Germany, Austria and Switzerland – along with the UK and Spain, and the US.
Jonas Pettersson, the CEO and co-founder at 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.”
The Financial Times was the first to report in April that Bridgepoint was seeking new investment partners for Vitamin Well. Bloomberg then reported in July, citing unnamed sources, that Cinven was an interested party in a ‘significant minority’ stake in the business.
While Bridgepoint has not revealed the financial terms behind the latest share transaction, sources for both media companies had previously cited a valuation of around €2bn ($2.1bn).
According to the FT, Vitamin Well generated annual EBITDA of around €150m and revenue in the €500m area in 2023.
Pontus Pettersson, a partner and head of the Nordic team at Cinven, said: “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.”
