‘Carb Killa’ protein products business Grenade hits £72m valuation through Lion Capital stake buy


Consumer-focused UK private equity firm Lion Capital has agreed to buy a majority stake in nutrition and lifestyle business Grenade in a deal valuing the business at £72m.

Lion said it would pick up the stake from Grovepoint Capital and Grenade’s founders.

The company, which was founded in 2010 by husband-and-wife team Alan and Juliet Barratt, has launched products including its signature ‘Carb Killa’ range of high protein bars and drinks.

Lion Capital partner James Cocker said, “Grenade has enjoyed exceptional growth over the past few years, driven by a distinctive brand and products which offer a unique combination of flavour and functional nutritional benefits.

“We have followed the business for some time and believe it is one of the most innovative players in this high-growth segment, with a product offering that is exceptionally well-aligned with multiple consumer trends.

“We see opportunities for growth not just in the current product range but also through product and channel extension, and international expansion.”

Grovepoint and the existing shareholders were advised by Houlihan Lokey, DLA Piper and Deloitte.

Lion Capital was advised by Stamford Partners, Proskauer, PwC and Parthenon-EY.

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