UK-based Supreme has expanded its sports nutrition presence with the purchase of FoodIQ, a move that will help the company meet growing demand. FoodIQ, which recently went into administration, was acquired for £175,000 ($222,433) by Supreme, which owns the Sci-Mx sports-nutrition brand.
The acquisition gives Supreme access to a state-of-the-art, accredited, automated contract manufacturing facility, which will increase its wellness manufacturing capacity by approximately 40%. Supreme CEO Sandy Chadha stated, “We have used FoodIQ in the past to manage capacity requirements in our sports nutrition and wellness division so are familiar with their capability.”
The deal comes following Supreme’s half-year results, which showed a 63% increase in revenue to £105.1m and pre-tax profits more than doubling to £12.3m. The company reported that revenue from its sports nutrition and wellness arm grew 17% to £8.9m, with the division’s gross profit margin also improving.
Supreme’s largest division by revenue is its vapes business, which brought in £42.1m during the period. Overall, the group’s revenue for the year to 31 March 2023 was £155.6m, marking a 19% increase from the previous year. However, profit before tax was down 11% at £14.4m.
The acquisition of FoodIQ aligns with Supreme’s strategic growth plans and demonstrates its commitment to meeting consumer demands in the food and beverage industry trends. By bolstering its sports nutrition offerings, Supreme is positioning itself to capitalize on food and drink consumer trends, making it a key player in the evolving landscape of the food and drink business.
