Science in Sport takeover officially completed

The £82.3m takeover of a Blackburn based nutrition specialist has been completed.

Science in Sport has been acquired by Einstein Bidco (Bidco).

Earlier this year, a statement by SiS, said that the board of directors of Bidco and SiS independent directors had reached agreement on the terms of an all-cash acquisition by Bidco of the entire issued and to be shared ordinary share capital of SiS.

Bidco is a newly formed private company for the purposes of the acquisition and was advised by bd-capital who say the deal will help accelerate SiS in their ‘next phase of profitable growth’.

bd-capital believe the acquisition presents 'an opportunity to invest in two strongly positioned brands in the sports nutrition category’.

The April statement, said SiS 'had a challenging journey as a listed company since its admission to the AIM in 2013'.

It added: "While SiS and PHD brands target a global sports nutrition market with strong underlying growth characteristics, performance has been mixed, with fluctuating revenues and a high-cost base resulting in EBITDA losses and net income deficits over recent years."

But the recent performance of SiS ‘has improved’ after it had a ‘strategic review, an £8.5m share Place and Retail Offer in 2024 and a refreshed management team’.

The acquisition values the business at approximately £82.3m on a fully diluted basis.

On 12 June, SiS announced that the High Court of Justice in England and Wales had sanctioned the scheme is effective and the acquisition is complete.

On Monday, SiS announced the temporary suspension of trading in its shares on AIM at the company’s request.

Earlier this morning, SiS announced it is to de-list from AIM.

The takeover has resulted in the non-executive directors of SiS Henry Turcan, Roger Mathew and Paul Richardson resigning from the board.

Manchester based Addleshaw Goddard LLP acted as legal adviser to SiS in connection with the acquisition. Stephenson Harwood LLP is acting as legal adviser to bd-capital and Bidco in connection with the acquisition.

SiS has two highly regarded brands - PhD, a premium active nutrition brand targeting the active lifestyle community and SiS a leading endurance nutrition brand for elite athletes and professional sports teams.

SiS was founded in 1992, and has a cored range comprising gels, powders and bars focused on hydration and recovery.

bd capital Partners is a real estate private equity firm whose mission is to seek out properties that offer high returns and low risk to our investing partners.

bd-capital was founded in 2019 by Andrew Dawson (former partner at Advent International) and Richard Baker (former FTSE 100 CEO and chairman and Advent Operating partner).

The firm creates proprietary deal flow by leveraging the talents of its experienced team and extensive network of professionals and market knowledge.

bd Capital Partners is able to create new opportunities, implement superior strategies, and execute on its business plan to maximize returns. It does this through extensive hands-on management of its assets, stellar leasing and marketing strategies, and by executing on opportunistic exit strategies from various investments.