Science in Sport set to buy PhD Nutrition for £32m
Padiham-based sports nutrition firm Science in Sport is to double in size with the acquisition of protein specialist PhD Nutrition Ltd for £32m.
It has an established and growing international presence in more than 45 countries across Europe, the Middle East, China and Australia. The company employs 24 and reported revenues of £20.8m and adjusted EBITDA of £2.8m for the year ending August 2018.
The final sale price will consist of a £28.5m cash payment and £3.5m by the issue of almost six million new ordinary shares to the PhD seller.Science in Sport will raise £29m to fund the purchase by issuing 48.4 million new shares, to be purchased by Liberum Capital.
Stephen Moon, chief executive of SiS, said: "The acquisition of PhD is highly complementary, doubles the size of our business and accelerates our ambition to become a global leader in premium performance nutrition. "It is a compelling combination that will deliver a wider product offering, including premium protein, provide broader consumer reach and greater international presence, and dovetails our respective strengths in retail and e-commerce channels."
