Glaxosmithkline Buys Maxinutrition For £162m
GlaxoSmithKline has agreed a huge deal to acquire the Maxinutrition Group Holdings Limited, a UK company that manufactures protein-enhanced functional nutrition products, from Darwin Private Equity.
The deal is subject to approval from the Office of Fair Trading, but GSK will acquire 100% of the shares of Maxinutrition for around £162m including the repayment of outstanding debt.?
Maxinutrition recently recorded sales of approximately £36m for the fiscal year ended April 2010.
Under the terms of this agreement, GSK will acquire Maxinutrition’s brands, including the popular Maximuscle.
The deal will extend GSK’s reach into wider categories, complementing its existing nutritional healthcare business.
John Clarke, President Consumer Healthcare, said: ‘This deal will give GSK a strong presence in the fast developing protein-based sports nutrition market, appealing across a broad spectrum of consumers from elite athletes to sports participants and those seeking additional nutritional supplementation.
‘GSK will invest behind Maxinutrition’s science-proven products to extend the growth of Maxinutrition within its UK and European footprint and expand to the global marketplace, where GSK has existing infrastructure and capabilities.’
