The private-equity investor Cinven has chosen not to comment on reports that it is in discussions with a UK peer to acquire a stake in Vitamin Well.
According to sources from Bloomberg, Cinven is reportedly looking to purchase a ‘significant minority’ interest in Stockholm, Sweden-based Vitamin Well, which is currently backed by the UK investment firm Bridgepoint Group.
Bridgepoint, which initially acquired a majority stake in Vitamin Well in 2016 through Bridgepoint Development Capital and increased its undisclosed interest in 2021, also refrained from commenting on the matter today (22 July).
Sources cited by Bloomberg suggest that the potential deal with Cinven would value Vitamin Well at around €2bn ($2.1bn), although it remains unclear if that valuation pertains to the stake being pursued. The discussions are said to be in an ‘advanced’ stage.
Vitamin Well, established in 2016, has not provided any comments on the ongoing proceedings or confirmed the current shareholders of the business.
The company specializes in producing low-calorie, sugar-free drinks fortified with vitamins and minerals, as well as low-fructose energy bars.
Core brands within the company include Vitamin Well and Nocco beverages, as well as the Barebells line of bars marketed in the Nordic region, and in countries such as the UK, Spain, and Slovenia.
Earlier in April, Bridgepoint faced speculation regarding its investment in Vitamin Well when the Financial Times reported that the investor was working with investment bank Jefferies to explore options for bringing in new owners or minority investors.
Reports from the FT indicated a valuation of €2bn for Vitamin Well, with estimated annual EBITDA of approximately €150m and revenue in the €500m range for 2023.
Cinven, which boasts “realized proceeds” of €46bn according to its website, has also been linked to another potential investment deal.
The investor is reportedly part of a group of investment firms involved in discussions for the potential acquisition of Unilever’s ice cream business, which Unilever announced plans to spin-off or divest in March.
Other parties reportedly in the talks for the ice cream business include Advent International, Bloomberg reported.