Husband and wife team in £72m deal with equity firm
ASPORTS nutrition company founded by a husband and wife team in Solihull has been bought out by private equity firm Lion Capital in a deal valuing the business at £72 million.
London-based Lion Capital has acquired a majority stake in Grenade which was launched in 2010 by husband and wife team Alan and Juliet Barratt. Terms of the deal have not been disclosed.
The pair sold a stake in the company to Grovepoint Capital in 2014, which at the time valued Grenade at £35 million, and Lion Capital has now taken on Grovepoint’s investment.
At that time, Grenade offered just six products which were primarily sold through specialist retailers. Since then, the company has launched a variety of new products, including its “Carb Killa” range of high-protein bars and drinks.
It has also expanded distribution into mainstream convenience and gro- cery channels in the UK and abroad, meaning its products are now sold in more than 100 countries.
Mr and Mrs Barratt will continue to lead the business as chief executive and chief marketing officer respectively, alongside chief financial officer and sales director Tom Murphy who joined the business in 2014.
Mr Barratt said: “It has been an amazing seven years since Juliet and I first launched Grenade but really we are just getting started on our journey to build a global lifestyle brand.
“Our team remains dedicated to innovating and creating the best products possible and we are excited to be partnering with Lion Capital.”
James Cocker, partner at Lion Capital, said: “Grenade has enjoyed exceptional growth over the past few years, driven by a distinctive brand.
“We have followed the business for some time and believe it is one of the most innovative players in this highgrowth segment.”