Vitamin Well Group is merging with EMPWR, the manufacturer of the sports-nutrition firm's Barebells protein bars.
The financial terms of the deal, announced by Cinven, one of Vitamin Well's private-equity backers, were not disclosed.
Under the agreement, EMPWR's owner Waterland Private Equity, will retain a minority stake in the enlarged business.
In a statement, Cinven, which invested in Vitamin Well in 2024, described EMPWR as an “important manufacturing partner” for the business.
Cinven said the deal “unlocks the ability to increase investments in capacity and pursue significant volume growth opportunities”.
It also said the combination would “accelerate” new product development.
Jonas Pettersson, Vitamin Well’s CEO and founder, called the deal a “transformational moment” for the company.
He added: “For several years, the global demand for Barebells has grown at a significant pace and this transaction positions us to fully match the growing consumer demand and sustain that momentum.”
In a LinkedIn post, UK-based FMCG consultant Karl Bickley, the founder of Seventy8 Consulting, said: “When demand outruns supply, owning the brand stops being enough. You want the production line too, the capacity, the recipes, the margin that a booming protein market is making scarce.”
Belgium-based EMPWR supplies nutrition bars to more than 100 customers worldwide, with Vitamin Well its “largest” clients, according to the statement announcing the deal.
Frederic Landtmeters, EMPWR's CEO, added: “EMPWR has grown rapidly in recent years, in part driven by the phenomenal success of Barebells.
“Joining Vitamin Well is a natural step that aligns our shared ambitions and creates the conditions for EMPWR to continue growing as an integral part of a global functional food and beverage platform.”
Founded in 2006 and headquartered in Stockholm, Vitamin Well sells food and beverage products in more than 50 markets.
It employs around 750 people, generating revenue of €650m ($744.7m).
Bridgepoint, which bought a majority stake in Vitamin Well in 2016, has remained an investor in the business since the deal with Cinven two years ago.
Besides Barebells protein bars, its portfolio includes Vitamin Well drinks and Nocco functional beverages.
Belgium-based EMPWR runs four production sites in Croatia, the Netherlands, the US and Canada. It employs more than 1,500 people.
