Science in Sport to acquire PhD Nutrition
Science in Sport PLC has raised £29 million via a share placing to fund the acquisition of protein brand PhD Nutrition which it has agreed to buy for £32 million in cash and shares on a cash-free, debt free basis. The acquisition is expected to have a positive impact on revenues and to deliver growth as well as complement Science in Sport's plans to expand internationally. PhD, which achieved sales of £18.3 million for the year to August, has already entered the Chinese and Middle East markets.
"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 eCommerce channels," said chief executive Stephen Moon.
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