(Bloomberg) -- Cinven has agreed to buy a stake in Vitamin Well Group from Bridgepoint Group Plc and become the largest shareholder of the Swedish healthy beverage maker.
Bridgepoint will retain a significant minority stake following the transaction, which is expected to close in the second half of this year, according to a Tuesday statement that confirmed an earlier Bloomberg News report. It didn’t provide financial details.
The stake sale values Vitamin Well at nearly €3 billion ($3.3 billion) including debt, according to people familiar with the matter. Bridgepoint invested in the drinks maker in 2016 at a valuation of about €100 million including debt, the people said. The company has increased its earnings before interest, taxes, depreciation and amortization by 10 times since then, they said.
Stockholm-based Vitamin Well sells vitamin-enriched functional drinks under its eponymous brand, as well as Nocco brand energy drinks and Barebells protein bars. The products are sold internationally across more than 40 markets. Bloomberg News reported last month that Cinven was in advanced talks to acquire a stake in the business.
Jefferies Financial Group Inc. advised Bridgepoint on the deal, while Cinven worked with Morgan Stanley and Rothschild & Co.
(Updates throughout with confirmation.)
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