London-based investment fund B&B Investment Partners yesterday announced the acquisition of PhD Nutrition, a leading producer of protein powder and nutrition bars.
The deal is worth approximately £20m, a source close the negotiations told City A.M..
PhD has become a recognised brand in the fast-growing sports nutrition market since it was co-founded by Jason Rickaby and Mark Bowering in 2005. Following the acquisition, Rickaby is to remain as PhD’s managing director and will have specific responsibility for overall brand strategy and new product development.
Established last year by a partnership between Swiss pharma giant Alliance Boots and investors Chris Britton and Jean-Philippe Barade, B&B Investment is a specialised investment fund focused on consumer brands within the health and wellness, personal care, beauty and consumer healthcare sectors. PhD will become the fund’s second investment following its acquisition of spa and skincare products specialist Aromatherapy Associates.