Applied Nutrition, a fast-growing sports-nutrition business based in the north of England, has confirmed it is planning a London float.
In a statement today (30 September), Applied Nutrition said it is publishing a registration document and is intending to trade on the London Stock Exchange post-IPO.
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Broadcaster Sky News, which predicted today’s announcement at the weekend, suggested the flotation will be worth £500m ($670.3m) and that an offer run by RetailBook will enable ordinary investors, in the UK only, to participate in the Liverpool-based company’s float.
The move was confirmed by Applied Nutrition in its announcement this morning. The company said the retail offer would run alongside a targeted offering aimed at institutional investors in the UK and elsewhere, outside the US.
It was Sky News that first linked Applied Nutrition with a London float in February after it learnt the company had been interviewing investment bankers about a listing that could take place in the autumn.
Applied Nutrition, which also has a US operation, did not confirm this at the time and, in a subsequent interview with Just Drinks, founder and CEO Thomas Ryder would only say “we are just looking at options”.
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By GlobalDataIn the statement today, Ryder said: “Since launching our first Applied Nutrition product just over ten years ago, we have demonstrated a consistent track record of delivering strong profitable growth, becoming a trusted, premium sports nutrition, health and wellness brand in an industry that continues to grow at pace.
“I am incredibly proud that a large proportion of our manufacturing and new product development is based in Knowsley, Liverpool. Keeping manufacturing and new product development in-house means we can innovate faster and bring new products to market efficiently.
“Our team’s ability to design, test, and refine products under one roof gives us an edge – it’s a streamlined process that allows us to move from concept to shelf in a matter of weeks. Alongside this, we have developed a successful, low risk and cost-effective go-to-market strategy that delivers strong and profitable growth, and allows us to scale quickly and easily in existing and new geographies.
“We are only scratching the surface of our growth opportunity and this IPO positions us ideally for the next step of our development.”
Applied Nutrition, set up by Ryder in 2014, sells a 100-strong product range, which includes nutrition supplements, energy and hydration drinks and protein cookies. The company does business in more than 60 countries and has partnerships in a number of sports including with English and Scottish football clubs, professional boxers and MMA stars.
Its brands include ABE – All Black Everything – which is a pre-workout range, and BodyFuel, a hydration drink.
The company, which employs more than 200 people, largely operates a global business-to-business model but ABE is stocked by US retail giant Walmart.
In 2021, UK sports retailer JD Sports acquired a 32% stake in the business. Ryder still owns the majority share.
In the year ended 31 July 2024, Applied Nutrition recorded revenue of £86.1m, up from £60.7m a year earlier. Adjusted EBITDA increased from £18.5m to £25.9m over the same period.
