Global dairy giant Lactalis has acquired Protein Works, a UK-based nutrition firm, in a deal that will enable the company to continue its global expansion. The acquisition marks a significant milestone for the brand, which was founded by Mark Coxhead in his back bedroom in 2012 and has since sold over 500 million shakes.
A Remarkable Journey
Protein Works, backed by YFM Equity Partners since 2019, now generates annual revenues of approximately £55 million. The company sells a variety of products, including protein shakes, wellness supplements, and snacks. Last year, it moved into its 100,000 sq ft PW Campus manufacturing and distribution site in Speke, Liverpool. All employees have joined Lactalis, which plans to retain the company's brand and identity.
Lactalis: A Global Powerhouse
French group Lactalis, the world's largest dairy company, collects 23.1 billion liters of milk annually and employs over 85,000 people, selling products in 150 countries. Its existing brands include Kraft, Président, and Galbani.
Founder's Vision
Mark Coxhead, founder of Protein Works, expressed pride in the company's growth: "It's been an incredible ride for both me and Protein Works over the last 15 years. Seeing the brand in rude health and ready for its next phase of exciting growth makes me very proud. With such a talented team, now backed by Lactalis, the sky is the limit for the brand I started all those years ago in my spare bedroom!"
Integrated Operations
Protein Works operates a fully integrated model, manufacturing products at its state-of-the-art facility in Speke and distributing them through its direct-to-consumer UK and EU websites. The brand has built a loyal following of around 3 million customers, establishing a strong position in the UK and expanding into European markets such as Germany, France, Ireland, and Italy.
Leadership Perspectives
Laura Keir, CEO of Protein Works, commented: "Our acquisition by Lactalis is a very exciting new chapter in the Protein Works story. There are natural synergies between the two businesses, and a deep care for quality, customers and our teams. The move allows us to accelerate the growth of the Protein Works brand and reach new customers, whilst providing new expertise to the group as a whole. I am excited for what this acquisition will mean for our customers and the opportunities it will provide for our brand, our amazing team at PW Campus and our partners. As we say at Protein Works, 'Onwards!'"
Investor Success
Nicola McQuaid, portfolio partner at YFM and Protein Works board member, highlighted the investment's success: "Protein Works has been one of the standout investments in our portfolio, and a 10.8x cash multiple reflects seven years of our hands-on partnership, backing an exceptional team. We identified the opportunity, backed the brand's move to serve a mainstream lifestyle nutrition customer, supported the PW Campus investment and the team's continued push into international markets, taking the business from £13m to £55m in revenue and building something that ultimately attracted the world's leading dairy company. This is what backing the right regional business looks like, and we are proud of what we delivered together."
Advisory Roles
Houlihan Lokey acted as exclusive corporate finance advisor to the shareholders, while DWF provided legal counsel.
