Science in Sport set to buy PhD Nutrition for £32m

Padiham-based sports nutrition firm Science in Sport is to double in size with the acquisition of protein specialist PhD Nutrition Ltd for £32m.

Hull-based PhD was founded by Jason Rickaby and Mark Bowering in 2005, and has developed into one of the UK’s leading protein brands.

It has an established and growing international presence in more than 45 countries across Europe, the Middle East, China and Australia. The company employs 24 and reported revenues of £20.8m and adjusted EBITDA of £2.8m for the year ending August 2018.

The final sale price will consist of a £28.5m cash payment and £3.5m by the issue of almost six million new ordinary shares to the PhD seller.

Science in Sport will raise £29m to fund the purchase by issuing 48.4 million new shares, to be purchased by Liberum Capital.

Stephen Moon, chief executive of SiS, said: "The acquisition of PhD is highly complementary, doubles the size of our business and accelerates our ambition to become a global leader in premium performance nutrition. "It is a compelling combination that will deliver a wider product offering, including premium protein, provide broader consumer reach and greater international presence, and dovetails our respective strengths in retail and e-commerce channels."