Convex Capital Advises PhD Nutrition on Sale

17/11/2014

Continues Unprecedented Run of Double-Digit EBITDA Valuations

Corporate finance house Convex Capital announces that it structured and led the multi million pound sale of the UK’s largest independent brands in sports nutrition, PhD Nutrition, to UK based B&B Investment Partners (‘B&B’).  

Neil Worsley, Andrew Clarke and Gareth Lewis who structured the deal that valued the business at 10x EBITDA and delivered 83% of the consideration on completion led the transaction; Senior VP, James Edge, and Managing Partner, Neil Worsley originated it.

The transaction underlines Convex Capital’s excellence in advising sports nutrition brands and further emphasises the team’s ability to find great partners for their clients. It continues Convex’s unprecedented run of achieving double-digit EBITDA valuations for its clients.

PhD is a leading and well-recognised brand in the fast-growing sports nutrition market. Jason Rickaby and Mark Bowering founded the company in 2005.  PhD has developed a multi-channel distribution model, which includes e-Commerce, wholesale, retail and grocery. Key customers include Holland & Barrett, Amazon, Tesco and GNC.

B&B is the manager of a specialised investment fund focused on consumer brands within the health and wellness, personal care, beauty and consumer healthcare sectors.

Commenting on the sale, Neil Worsley, Managing Partner of Convex Capital, said:

“Achieving results such as this for Jason and Mark is the reason why we get up the in the morning. The team at PhD Nutrition has built a great brand; the pressure was on to put together a great deal. B&B Investment Partners has the experience to take the business to the next level and we wish them every success.”

Jason Rickaby and Mark Bowering, Founders of PhD Nutrition, commented:

“The team at Convex added lots of value and made the process feel very smooth. Being like-minded made a huge difference for us.”