Pharmaceuticals giant GlaxoSmithKline (GSK) has splashed out £162 million ($250m) to buy UK-based protein supplement manufacturer Maxinutrition from investment firm Darwin Private Equity.
Maxinutrition, which markets the Maximuscle sports nutrition brand, generated sales of £36 million in the 12 months to April 2010. It is Europe's biggest sports nutrition company by market share and has delivered sales growth of 21 percent annualized over the past three years.
John Clarke, GSK's president consumer healthcare, said: "This deal will give GSK a strong presence in the fast developing protein-based sports nutrition market, appealing across a broad spectrum of consumers from elite athletes to sports participants and those seeking additional nutritional supplementation."
Peter Boddy, CEO of Maxinutrition, added: "GSK's strong commercial and R&D capability, coupled with the investments being made in expanding their global nutritional healthcare franchise in new markets and territories, offer tremendous new opportunities to develop the Maxinutrition brands and continue to deliver impressive growth in the coming years."