LONDON — GlaxoSmithKline on Monday announced its acquisition from Darwin Private Equity of Maxinutrition, a U.K. company that manufactures protein-enhanced functional nutrition products.
“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,” stated John Clarke, GSK Consumer Healthcare president.
The deal is worth approximately $255.5 million, which includes a cash consideration for Maxinutrition shares and assumption of outstanding debt.
Maxinutrition is Europe’s No. 1 sports nutrition company by market share and has delivered sales growth of approximately 21% over the last three years, GSK reported. Maxinutrition recorded sales of approximately $56.8 million for the fiscal year ended in April.
Under the terms of this agreement, GSK will acquire Maxinutrition’s brands, including Maximuscle, the leading brand in the United Kingdom and European sports nutrition market.