Private-equity investor Cinven has declined to comment on a report it is in talks with a UK peer to acquire a stake in Vitamin Well.
Sources for Bloomberg said Cinven is lining up to purchase a ‘significant minority’ interest in Stockholm, Sweden-based Vitamin Well, which is backed by the UK investment firm Bridgepoint Group.
Bridgepoint, which acquired a majority stake in the wellness drinks business in 2016 through Bridgepoint Development Capital before upping its undisclosed interest in 2021, also declined to comment today (22 July) on the report.
Bloomberg sources suggested the approach by Cinven would value Vitamin Well at circa €2bn ($2.1bn), although it was not clear if that was the valuation of the stake being pursued. The talks are at an ‘advanced’ stage, the news agency said.
Vitamin Well, set up in 2016, had not responded to a request for comment on the proceedings at the time of writing and to confirm the existing shareholders in the business.
The company produces low-calorie, sugar-free drinks fortified with vitamins and minerals and which are also low in fructose. Energy bars are also included in the portfolio.
Core brands include Vitamin Well and Nocco beverages and the Barebells line of bars marketed in the Nordic region as well as countries such as the UK, Spain and Slovenia.
Bridgepoint also batted away speculation over its investment in Vitamin Well in April when the Financial Times reported the investor was working with investment bank Jefferies to bring in new owners or minority investors.
Sources for the FT at the time also touted a valuation of €2bn and suggested Vitamin Well generated annual EBITDA of around €150m and revenue in the €500m area in 2023.
Cinven, which according to its website has “realised proceeds” of €46bn, was also the subject of speculation of another investment deal.
The investor is reportedly among a group of investment firms discussing the potential purchase of Unilever’s ice cream business, which was essentially put up for a spin-off or divestment by the CPG giant in March.
Other suitors purportedly involved in the ice cream talks are Advent International, Blackstone, CVC Capital Partners and KKR, according to Bloomberg.
