Dairy co-operative First Milk sold the company in an attempt to focus more closely on its core businesses of hard cheese and liquid brokering.
Chief executive Mike Gallacher said: “This focus is delivering improved milk prices and a more sustainable business model for our farmer shareholders.
“Today's announcement is also a good deal for our CNP employees, our customers and consumers. The brand CNP and the Hyde site will form a key part of the future strategy of The Protein Partners and as such the sale protects employment at the site.”
The brand’s heritage
Paul Miley, CNP md, hoped the sale would help build on the brand’s heritage and reputation in the sports nutrition market.
“My team and I are very pleased to have completed this transaction and look forward to the next phase of development for CNP,” said Miley.
The sale of CNP was supervised by Springboard Corporate Finance, which had been working with First Milk since last year to find a buyer.
Springboard partner Ben Bolt said: “Under First Milk’s stewardship, CNP has maintained its market position as a pre-eminent sports nutrition brand.
“We secured a range of competitive offers and are delighted to have negotiated and delivered the sale to The Protein Partners, which we believe represents an excellent deal for both parties.”
‘An excellent deal’
Established in 1998 by former British bodybuilding champion Kerry Hayes, Manchester-based CNP produces sports nutrition products such as whey powder, protein milkshakes and snack bars.
CNP supplied its products to cycling outfit Team Sky until it lost the contract to rival Science in Sport in October last year.
Meanwhile, acquisitions in the food and drink industry have been on the rise this year, despite the threat of Brexit and major policy shake ups.
You can see some of the biggest acquisitions that have happened so far this year – including Mondelēz, Greencore and Danone – in our photogallery.