Vitamin Well, a Sweden-based energy bars and functional drinks company, has secured a new investor, private-equity firm Cinven. The investment from Cinven makes them the largest shareholder in Vitamin Well. UK-based investor Bridgepoint Group, which had acquired a majority interest in Vitamin Well in 2016, has sold an undisclosed stake to Cinven while retaining a significant minority shareholding.
The initial investment in 2016 was made through a fund managed by Bridgepoint Development Capital. Following an additional investment in 2021, Vitamin Well has been co-owned with Bridgepoint Europe. Both funds will continue to be invested in the business post-transaction, subject to regulatory approvals expected to be completed in the second half of this year.
Christopher Bley and Johan Dahlfors, partners and co-heads of the Nordics at Bridgepoint, expressed pride in the company’s growth and transformation, with revenue increasing twelve-fold and the workforce expanding from 50 employees in 2016 to 500 employees presently.
Vitamin Well specializes in producing low-calorie, sugar-free drinks fortified with vitamins and minerals, as well as low-fructose energy bars. The company also offers protein bars and shakes under the Barebells brand, while its functional drinks are marketed under the Vitamin Well brand. Additionally, the Nocco brand offers performance energy drinks in their product portfolio, which serves markets in the DACH region, the UK, Spain, and the US.
Jonas Pettersson, CEO and co-founder of Vitamin Well, highlighted the company’s strengthened presence in the Nordic region and its international expansion with the support of Bridgepoint. He expressed enthusiasm for the future collaboration with both Bridgepoint and Cinven to further expand globally and innovate in bringing premium products to health-conscious consumers worldwide.
The Financial Times initially reported Bridgepoint’s search for new investment partners for Vitamin Well in April, with subsequent reports from Bloomberg confirming Cinven’s interest in a ‘significant minority’ stake in the business in July. Although financial terms of the latest share transaction have not been disclosed, media sources had previously estimated a valuation of approximately €2bn ($2.1bn). According to the Financial Times, Vitamin Well reported annual EBITDA of around €150m and revenue in the €500m range in 2023.
Pontus Pettersson, partner and head of the Nordic team at Cinven, expressed excitement about partnering with Vitamin Well, its management team, and Bridgepoint to support the company’s growth. He emphasized that while Vitamin Well has achieved significant milestones in its first 15 years, there is still much potential for further growth and success.
