Lucozade maker GlaxoSmithKline is set to beef up its sports nutrition portfolio with the acquisition of Maximuscle owner Maxinutrition.

GSK announced this afternoon that it had entered into an agreement with Maxinutrition’s parent company, Darwin Private Equity, to acquire the business for £162m.

The deal, which is subject to approval from the Office of Fair Trading, will also see GSK repay all Maxinutrition’s outstanding debt.

In the fiscal year ending April 2010, Maxinutrition recorded sales of around £36m.

GSK said it planned to expand distribution of the protein-based sports drinks, snacks and supplements.

“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,” said John Clarke, GSK’s president for consumer healthcare.

“GSK will invest behind Maxinutrition’s science-proven products to extend the growth of Maxinutrition within its UK and European footprint and expand to the global marketplace.”

Maxinutrition chief executive Peter Boddy described his company as a “natural fit” for GSK.

He said: “Maxinutrition is a fast-growing, focused sports nutrition business with excellent growth prospects and a strong management team. It’s a natural fit for GSK and its ambition to extend and expand its nutritional healthcare business.”

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Maximuscle maker links to athletes (20 November 2010)
Maximuscle pleads for introduction of sports nutrition aisle (18 September 2010)
Lucozade set for US debut as global push gathers pace (24 June 2010)