Private-equity firm Lion Capital has acquired a majority stake in UK-based sports nutrition start-up Grenade Holdings from Grovepoint Capital and Grenade’s founders, in a transaction that values the business at GBP72m (US$87.8m).

Lion Capital said more specific details on the new shareholding structure are not being disclosed. 

Grenade, which markets the Carb Killa range of high protein bars and drinks, will continue to be led by co-founders Alan and Juliet Barratt as CEO and chief marketing officer respectively, alongside CFO and sales director Tom Murphy, who joined the business in 2014.

Lion Capital said Grenade had grown rapidly since its launch in 2010 “and has built a distinctive FMCG lifestyle brand”.

Grovepoint invested in Grenade in February 2014, when the company offered just six products.

Lion Capital said Grenade’s products now extend “into mainstream healthy food products that are sold in over 100 countries”.

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James Cocker, a partner at Lion Capital, said: “We have followed the business for some time and believe it is one of the most innovative players in this high-growth segment with a product offering that is exceptionally well-aligned with multiple consumer trends.”