The owners of Germany-based sports nutrition business The Quality Group have sold a majority stake to private-equity firm CVC Capital Partners.
Founders Benjamin Burkhardt and Christian Wolf will retain a minority shareholding in The Quality Group (TQG) and have agreed to reinvest in the business as part of the deal with Luxembourg-based CVC.
Financial terms behind the transaction, which is expected to close by the end of the second quarter, subject to regulatory approval, were not disclosed.
TQG was set up late in 2020 through the merger of sports nutrition firms ESN and More Nutrition and serves the DACH markets – Germany, Austria and Switzerland. Other brands within the portfolio include Fitmart, Got7 and Synergy encompassing protein powders, bars and snacks, along with supplements and energy drinks.
CVC said in a statement it plans to “accelerate the business’s growth path by scaling its logistics activities and improving the customer experience, as well as expanding the product portfolio in both the DACH region and internationally”.
Germany-based Got7 Nutrition, a business set up in 2015, was acquired by TQG last year for an undisclosed sum.
TQG is headquartered in Elmshorn near Hamburg and sells its products online and through retail stores such as Kaufland, Rewe and Edeka. The company employs 360 staff.
CVC is a diversified investor across multiple industries. In food, the private-equity firm acquired Vivartia in 2020, a supplier of dairy products, rice and pasta in Spain. It also holds a majority stake in Spain-based branded olive oil producer Deoleo. In Indonesia, CVC invested in biscuits and snacks maker Garudafood.