Grovepoint Capital invests in sports nutrition brand Grenade
Sports nutrition brand Grenade has secured investment from Grovepoint Capital in a deal led by international investment bank Altium.
This is Altium’s latest transaction in the sports nutrition market following the sale of sports supplements business CNP Professional to First Milk in 2012 and the sale of online retailer Myprotein.com to The Hut Group, the previous year.
Coventry-based Grenade was founded in 2009 and develops and markets a range of high quality, own brand sports nutrition products to customers both in the UK and internationally.
The business continues to develop its product range and reach into global markets, with overseas order volumes expected to soar in the run up to the World Cup and 2016 Olympics. International sales now account for 39.6 per cent of total revenue and the company has recently agreed a contract with 320 Walmart stores in Canada. Other stockists include Tesco, Amazon.co.uk and BodyBuilding.com.
Grenade Thermo Detonator, the company’s leading fat burner, is the world’s fastest growing weight loss product, with sales in over 100 countries.
Grenade’s founders, Alan and Juliet Barratt, will maintain an ongoing role in the company and work with Grovepoint to help strengthen the company’s position. Kevin Peters, formerly of Maximuscle, will be joining the board of the company as a result of the investment.
Alan Barratt, co-founder of Grenade, says: “Since 2009, we have established a tight, focused range of products that can service the needs of a range of consumers in the sports nutrition market. We have also developed excellent relationships with our distributors and suppliers and we are looking forward to working with Grovepoint to expand the business globally. Our focus has not changed in the sense that we want to continue to make world class products that our consumers benefit from.”
Managing director Simon Lord led the advisory team at Altium with support from assistant director, Dominic Orsini.
Lord says: “Grenade has had huge success developing its position as a leader in the pre-workout and weight loss segments of the sports nutrition market. The investment from Grovepoint will allow the business to further develop its product range and capitalise on the brand’s global growth.”
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