Cinven Set to Become Lead Investor in Vitamin Well

On August 6, 2024, international private equity firm Cinven announced it has secured an agreement to become the lead investor in Vitamin Well, a Swedish company known for its protein bars and sports and health beverages. Bridgepoint, the current majority investor, will maintain a substantial minority stake in Vitamin Well. Financial terms of the deal remain undisclosed.

Founded in 2008 and based in Stockholm, Vitamin Well is a rapidly expanding functional food and beverage company that caters to health-conscious and active consumers with its premium products. The company employs around 500 people and features a diverse product lineup under several brands, including its main brands: Vitamin Well (vitamin and mineral-enriched drinks), NOCCO (performance energy drinks), and Barebells (protein bars and shakes). These products are available in over 40 markets worldwide.

Cinven has devoted considerable effort to identifying investment opportunities in the health, wellbeing, and fitness sector, recognizing its appeal due to the ongoing shift away from less healthy snacks and beverages. The functional food and drinks market has experienced rapid growth recently and is expected to continue expanding, driven by heightened awareness and a stronger consumer focus on healthier and more active lifestyles.

Cinven’s Nordic regional team and Consumer sector team collaborated closely to pinpoint Vitamin Well as a compelling investment opportunity due to its:

•             Well-established presence in a large and expanding market driven by health and wellness trends;

•             Portfolio of high-quality, distinctive brands that receive outstanding feedback for taste, texture, and nutrition;

•             Proven track record of profitable organic growth, innovation, and investment in product development; and

•             Strong, experienced management team.

Pontus Pettersson, Partner and Head of Cinven’s Nordic regional team, stated: “We are thrilled to collaborate with co-founder Jonas Pettersson, the management team, and Bridgepoint to advance Vitamin Well’s next growth phase. The company has made remarkable progress in its first 15 years, but we believe its journey is only beginning. Cinven has extensive experience in the Consumer sector and the Nordic region, including supporting top businesses in their international expansion. We are confident that our expertise will help the management team meet and exceed their ambitious goals.”

Matteo Corà, Partner and member of Cinven’s Consumer team, remarked: “Vitamin Well is an exceptional company that has revolutionized the healthy snacking market by offering drinks and snacks that excel in taste, function, and design. Given the market’s shift towards healthier eating and on-the-go snacking, along with its promising long-term growth potential, Cinven sees Vitamin Well as a standout leader in its sector. This investment enhances Cinven’s reputation as a leading investor in the European Consumer space, and we eagerly anticipate the next growth phase with Jonas and his team.”

Jonas Pettersson, CEO and Co-Founder of Vitamin Well, stated:  “Partnering with Bridgepoint has bolstered our position in our core Nordic market and broadened our international reach. We are excited to continue our growth trajectory with both Bridgepoint and Cinven as we further expand globally. With their ongoing support, we are confident in our ability to innovate, grow, and deliver our premium products to an even wider audience of health-conscious consumers worldwide.”