- Since Bridgepoint partnered with Vitamin Well in 2016, the business has grown revenue twelvefold through international expansion and new product development.
- The Bridgepoint funds will retain a significant minority stake in the business with a compelling opportunity for substantial value creation in the years ahead.
- Bridgepoint welcomes Cinven as new lead investor with a mutual vision to continue to support Vitamin Well’s growth aspirations through further international expansion and continued product development.
Bridgepoint, one of the leading private asset growth investors, is pleased to announce that the Bridgepoint funds have agreed the exit of their investment in Vitamin Well, the high-growth functional food and beverage business, welcoming Cinven, the international private equity firm, as new lead investor. Through the transaction, Cinven will become the largest shareholder in the company, while Bridgepoint will retain a significant minority shareholding.
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.
Since Bridgepoint partnered with the Vitamin Well founders and management in 2016, the company has experienced a period of exceptional growth and development. Bridgepoint has supported the founders and the management team in pursuing international growth, gaining traction in several international markets, including the DACH region, the UK, Spain and the US.
The investment in Vitamin Well was initially made in 2016 by a fund managed by Bridgepoint Development Capital (“BDC III”), Bridgepoint’s lower middle-market strategy. It has been co-owned with Bridgepoint Europe (“BE VI”), Bridgepoint’s middle-market strategy, since 2021 following additional investment. Both funds will retain a significant minority stake in the business going forward.
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."
Jonas Pettersson, 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."
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.”
The transaction is subject to customary conditions and regulatory approvals. It is expected to complete in the second half of 2024.
Bridgepoint was advised by Jefferies (M&A), Vinge (Legal), McKinsey (Commercial), PwC (Financial and Tax).