The cash deal, which is subject to UK regulatory approval, sees GSK acquire the firm (which makes protein-enhanced functional nutritional products) from Darwin Private Equity and repay Maxinutrition’s outstanding debt.
GSK describes Maxinutrition as Europe’s largest sports nutrition company by market share: it has achieved sales growth of around 21% over the last three years, and sales of around £36m for 2009/10.
Worldwide marketing muscle
GSK now owns leading brands such as Maximuscle, Maxifuel and Maxitone, and the firm said it would use its marketing and R&D expertise to drive Maxinutrition’s “science proven products” in the UK, European and international markets.
Consumer healthcare president, GSK, John Clarke said: “This deal will give GSK a strong presence in the fast developing protein-based sports nutrition market, appealing across a broad spectrum of consumers, from elite athletes to sports participants and those seeking additional nutritional supplementation.”
Peter Boddy, CEO, Maxinutrition ceo Peter Boddy said: “Maxinutrition is a fast growing, focused sports nutrition business with excellent growth prospects and a strong management team – it’s a natural fit for GSK.”
Maxinutrition has been revamping its product range to cater for more mainstream appeal within the sports nutrition category, and recent product launches include Finesse Active nutrient and antioxidant tablets for women that incorporate functional cherry extracts.