French dairy giant Lactalis has bulked up its active nutrition offering with the acquisition of Liverpool-headquartered Protein Works for an undisclosed sum.
The deal will lead to “powerful synergies” for both companies, combining Lactalis’ scale, brand-building expertise, supply chain and grocery distribution with Protein Works’ specialism in functional nutrition and DTC.
Founded in 2012, Protein Works operates a fully vertically integrated model, manufacturing protein shakes, meal replacements, wellness supplements and high-protein snacks at a recently opened factory in Speke.
It has been backed by YFM Equity Partners since 2019 and generated turnover of £55m in the year to August 2025, with the majority coming from DTC. Protein Works has sold 500 million shakes to date and trades across several European markets alongside the UK, including Germany, Switzerland, Austria, France, Ireland, Belgium and Italy.
Lactalis, which owns the Président, Galbani and Leerdammer brands, said the acquisition marked a new step in the group’s strategy to strengthen its footprint in the fast-growing active nutrition segment.
“By combining our long-standing expertise in dairy proteins and health nutrition with Protein Works’ strong brand and innovative approach, we are confident we can continue to create products that respond to changing consumer expectations in this dynamic and growing category,” Lactalis chairman Emmanuel Besnier added.
Protein Works founder Mark Coxhead said: “It’s been an incredible ride for both Protein Works and me 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.”
CEO Laura Keir said: “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, while providing new expertise to the group as a whole.”
All 150 staff joined Lactalis Group today (1 June), with the French company pledging to pursue an integration approach that preserves the identity of the Protein Works brand.
YFM backed a management buyout of Protein Works in 2019 when the business had revenues of £13m and said today’s deal achieved a 10.8x return.
Nicola McQuaid, YFM portfolio partner and Protein Works board member, added: “Protein Works has been one of the standout investments in our portfolio. We identified the opportunity, backed the brand’s move to serve a mainstream lifestyle nutrition customer, supported the PW Campus [the Speke facility] 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.”
Houlihan Lokey acted as exclusive corporate finance advisor to the Protein Works shareholders, with legal counsel from DWF.
No comments yet