01.03.11
U.K.-based GlaxoSmithKline has entered a deal to acquire Maxinutrition, another U.K. company that manufactures protein-enhanced functional nutrition products, from Darwin Private Equity. Subject to approval from the Office of Fair Trading, GSK will acquire 100% of the shares of Maxinutrition for a cash consideration of approximately £162 million, including the repayment of outstanding debt. Maxinutrition is Europe’s top sports nutrition company by market share and has delivered sales growth of approximately 21% CAGR over the last three years. The company recorded sales of approximately £36 million for the fiscal year ended April 2010. Under the terms of this agreement, GSK will acquire Maxinutrition’s brands, including Maximuscle, the leading brand in the U.K. and European sports nutrition market. The deal will extend GSK’s reach into wider categories, complementing its existing Nutritional Healthcare business.