Leading UK probiotic supplier Symprove has been acquired by California-based nutritional supplement company Metagenics, backed by private equity firm Gryphon Investors.
Prior to its acquisition, the clinically proven probiotics company had more than tripled in size since it was bought by previous owner BD-Capital in 2020, and served hundreds of thousands of customers on a largely subscription-based DTC model.
Metagenics has retained Symprove’s management team, including founder and chairman Barry Smith and CEO Will Bowler, to oversee the company, which according to Sky News is expected to generate around £30m in revenue this year with a profit margin of 25%.
“This marks an incredible exciting new chapter for Symprove, and marks a significant step towards our mission of changing millions of lives globally,” said Bowler.
“Thank you to our incredible investors and board members, BD-Capital, whose support and guidance has been instrumental in the success of the business.
“During our partnership, the business has more than tripled in size, become the UK’s number-one probiotic (and the most recommended amongst healthcare practitioners) and has even been described as a ‘phenomenon in the wellness world’ in the press. More importantly, we’ve helped hundreds of thousands of people live healthier lives.”
Metagenics was advised by Spayne Lindsay on the deal, who arranged Symprove’s sale to BD-Capital in 2020.
Designed to help relieve the symptoms of irritable bowel syndrome (IBS) and other gut issues, Symprove’s bio-active drinks help improve users’ gut microbiome health.
Symprove’s products suspend live, metabolically active bacteria in a patented liquid solution – rather than freeze-drying them – which it claims means they are “guaranteed to thrive” in the drinker’s gut.
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“We have never been more excited for the future of Metagenics,” said Gryphon Investors deal partner Ryan Fagan.
“Symprove’s differentiated product is highly strategic for Metagenics’s portfolio of practitioner-recommended supplements. Through its global network of partnerships with healthcare practitioners, Metagenics will be able to grow patient engagement and improve patient results with Symprove’s technology in markets around the world.
“This acquisition is a significant inflection point for our partnership with Metagenics, and we are eager to pursue similar strategic acquisition opportunities.”
Gryphon Investors has simultaneously completed a strategic debt recapitalisation to provide Metagenics with “ample capital” to continue investing in organic and acquisition-based growth.
Metagenics CEO Patrick Sly added: “We are delighted to welcome Symprove to Metagenics. Its science-based, unique probiotic formulation centres on the gut microbiome – a core area for Metagenics – and is a great fit for our family of supplements.
“We look forward to working with Will and his team to further develop products that we believe will support the health and wellness of millions of consumers globally.”
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