Metagenics announced its decision to acquire Symprove in January, with the financial details and terms of the transaction undisclosed. Providing the capital behind the acquisition was Gryphon Investors, a private equity firm, which acquired Metagenics in 2021.
Through the deal, Metagenics gains access to Symprove’s portfolio of probiotics. The brand has recorded 30% year-on-year growth over the last five years, and employs approximately 100 staff across its UK business.
Symprove’s portfolio of products is centred on liquid probiotic solutions containing live and active bacteria that are produced in various flavours. The company also offers ‘Symprove On The Go’, a travel-size 70ml version of its larger 500ml offerings.
The probiotics are designed to be consumed as a shot in the morning before eating.
The acquisition will see current Symprove CEO, Will Bowler, remain in place, alongside the rest of the management team. Barry Smith, the original founder of the company, will work as a brand ambassador under the new owners.
During an interview with NutraIngredients last year, Bowler stated that the company was the leading probiotic company by value in the UK market.
The company has expanded with a largely D2C online model, though Bowler said that it had also stocked its products in health stores and supermarkets. He also noted that the company had plans to start growing sales across Europe.
The acquisition by Metagenics follows on from work by bd-capital to scale Symprove, after its investment in the company in 2020. Since this investment, Symprove has tripled in size, bd-capital stated in a press release.
For Metagenics, this most recent acquisition consolidates its position in the UK market, following on from a deal in 2022, when Metagenics acquired Nutri Advanced, another UK company. Nutri Advanced had acted as an exclusive distributor, and the move was explained, at the time, as a strategic acquisition to have a direct presence in all major European countries.
“[Symprove]’s science-based, unique probiotic formulation centres on the gut microbiome – a core area for Metagenics – and is a great fit for our family of supplements,” said Patrick Sly, Metagenics CEO, in comments released on the acquisition. “We look forward to working with Will and his team to further develop products that we believe will support the health and wellness of millions of consumers globally.”
Metagenics also used the acquisition to announce that the company, alongside its owner, Gryphon Investors, had completed a strategic debt recapitalisation. The funds were raised to provide Metagenics with “ample capital” to invest in “organic and M&A growth opportunities.”
