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October 22, 2021

Humble Group strikes again in sports nutrition with Vitargo brand owner deal

The brand is owned by Swecarb, which has been bought by Humble for US$3.5m.

The acquisitive Humble Group in Sweden has struck a deal for Swecarb, the supplier of the Vitargo sports-nutrition brand.

Humble, which has been active in M&A this year with more than ten deals, said it has agreed with the owners of Swecarb to acquire all of the shares in the business for SEK30m (US$3.5m). Under the binding agreement, SEK22.5m will be paid in cash and the remainder in the form of 281,215 consideration shares priced at SEK26.67.

Swecarb, based in the south-east Swedish city of Kalmar, is expected to generate sales in the next 12 months of about SEK24.2m and EBITDA of SEK8.2m. The company is described by Humble as a “distributor of food supplements and sports nutrition” products with “exclusive rights to supply several products under the Vitargo brand”.

Stefan Bengtsson, the founder and CEO of Swecarb, has owned the brand since 2001, according to a statement from Humble today (22 October), adding Vitargo was started by the Lyckeby Starch firm in the 1990s. The range features carbohydrate and protein powders and electrolyte supplements.

Humble CEO Simon Petrén said: “It is very exciting to welcome entrepreneur Stefan Bengtsson and team Swecarb to Humble. Stefan has over 20 years of experience as an entrepreneur in the sports-nutrition industry and during this period has built up a large global network and contributed to the establishment of the leading brand Vitargo.

“We have identified several material synergies with our existing platform and are confident that both the brand and the company will fit perfectly into Humble’s vertical in sports nutrition.”

Publicly-listed Humble announced in April it had simultaneously acquired three sports-nutrition firms, Performance R Us, Nordic Sports Nutrition and Viterna. The companies are all branded suppliers to retail in the Nordic region.

Bengtsson, who has agreed to stay on at the company for “at least three years”, added: “We are very proud to have been involved in building Swecarb from scratch and now to become part of a larger group with a strong presence and market position in the sports- nutrition industry. By operating under the Humble Group, we ensure that the company has the opportunity to continue to grow and gain greater exposure globally.”

Other deals struck by Humble this year include Solent Group, a UK-based branded snacks and confectionery maker, and the Swedish companies Ewalco, Wellibites, Nordfood and Be:Son Gross. It has also been active in M&A outside of food, with transactions in the category areas of cosmetics and beauty products.

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