Private equity firm Cinven declined to comment on reports it was in talks with a British rival to buy a stake in VitaminWell.
source Bloomberg Cinven said it was preparing to buy a “significant minority” stake in Stockholm-based Vitamin Well Ltd, a company backed by British investment firm Bridgepoint Group.
Bridgepoint, which acquired a majority stake in the wellness drinks business through Bridgepoint Development Capital in 2016 and increased its undisclosed stake in 2021, again declined to comment on the reports today (July 22).
Bloomberg The sources said Cinven’s approach would value VitaminWell at around 2 billion euros ($2.1 billion), but it was unclear if that was the valuation of the stake it is trying to acquire. The news agency said the talks were at an “advanced” stage.
Vitamin Well, which was founded in 2016, had not responded to requests for comment on the lawsuit or to identify the company’s existing shareholders as of press time.
The company makes low-calorie, sugar-free beverages that are fortified with vitamins and minerals and low in fructose, and its portfolio also includes energy bars.
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Key brands include Vitamin Well, Nocco drinks and the Bare Bells bar line, which is sold throughout the Nordic region and in countries such as the UK, Spain and Slovenia.
Bridgepoint dismissed speculation about investing in Vitaminwell in April. Financial Times The investor reportedly is working with investment bank Jefferies to find a new owner or minority investor.
Source FT At the time, the company touted a valuation of €2 billion and suggested Vitamin Well would generate annual EBITDA of around €150 million and revenue of €500 million in 2023.
Cinven, which according to its website has “revenues” of 46 billion euros, has been the subject of speculation about new investment deals.
The investor is reportedly part of a group of investment firms in discussions about a possible acquisition of Unilever’s ice cream business, which was effectively targeted for spin-off or sale by the CPG giant in March.
Other bidders said to be involved in ice cream talks include Advent International, Blackstone, CVC Capital Partners and KKR. Bloomberg.
