International private equity firm, Cinven, alongside the founders of Vitamin Well Group and minority shareholders Bridgepoint, today announces that its funds’ portfolio company Vitamin Well Group (‘Vitamin Well’ or ‘the Group’), has agreed to combine with EMPWR, a well-established nutrition bar manufacturer, from Waterland Private Equity. As part of the transaction, Waterland will become a minority owner in the combined business. Financial terms of the transaction were not disclosed.
Established in 2006 and headquartered in Stockholm, Vitamin Well is a high-growth functional food and beverage business, offering premium products for health-conscious and active consumers. With approximately 750 employees and products sold in over 50 markets worldwide, the Group develops and sells premium ‘better-for-you’ brands, including: Barebells, a wide range of protein-enriched alternatives to snacks and meals, primarily protein bars; Vitamin Well, a range of low-calorie thirst-quenchers with a balanced combination of vitamins and minerals; and NOCCO, a range of functional drinks, including with and without caffeine, vitamins, BCAA and electrolytes. Since the Cinven funds’ investment in Vitamin Well in 2024, the business has delivered strong growth across product categories. Deepening the existing partnership with EMPWR represents an exciting next step in that trajectory, enabling the group to further meet the strong consumer demand for Barebells bars.
EMPWR is a Belgium-headquartered contract development and manufacturing organisation (‘CDMO’) of nutritional bars, operating four manufacturing facilities in Croatia, the Netherlands, the United States and Canada, with over 1,500 employees and more than 100 customers globally. EMPWR has been an important manufacturing partner for Vitamin Well for some time, producing the full range of Barebells bars for markets globally.
Cinven believes this transaction is a highly compelling strategic step for Vitamin Well due to:
• Growth acceleration: By bringing Barebells’ primary manufacturer in-house, the Group unlocks the ability to increase investments in capacity and pursue significant volume growth opportunities. This includes growing volumes with existing retailers, expanding into new retail channels, launching new products, and accelerating growth in new geographies; and
• Increased innovation: With the joint innovation capabilities of both companies, the combined business can accelerate new product development to further meet consumer trends.
EMPWR manufactures nutritional bars for a broad range of customers, of which Vitamin Well is the largest. This transaction will support Barebells’ growth acceleration and be positive for all existing EMPWR customers, with current manufacturing relationships expected to remain unchanged following the transaction.
Pontus Pettersson, Partner and Head of the Nordic Regional team at Cinven, said:
“Vitamin Well has been one of the most exciting growth stories in the European consumer sector since the Cinven funds’ investment in 2024 and deepening the relationship with EMPWR is an important step in realising the business’s full potential. Barebells has grown into one of the most dynamic and recognisable protein bar brands in the world, with a growing presence in the United States and strong recognition across Europe. Bringing EMPWR into the Group will help to fuel the business’s continued growth. We are delighted to have signed this transaction and look forward to the next chapter of Vitamin Well’s journey.”
Jonas Pettersson, CEO and Founder of Vitamin Well Group, commented:
“This is a transformational moment for Vitamin Well. For several years, the global demand for Barebells has grown at a significant pace, and this transaction positions us to fully match the growing consumer demand and sustain that momentum. By combining our brand-building and commercial capabilities with EMPWR’s world-class manufacturing platform, and merging our strong innovation capabilities, we can now pursue the full growth opportunity in front of us. I am proud of what our team has built and excited about the journey ahead.”
Frederic Landtmeters, CEO of EMPWR, added:
“EMPWR has grown rapidly in recent years, in part driven by the phenomenal success of Barebells. Joining Vitamin Well is a natural step that aligns our shared ambitions and creates the conditions for EMPWR to continue growing as an integral part of a global functional food and beverage platform. I look forward to working closely with Jonas and the team to deliver on the exciting opportunity ahead.”
The transaction is subject to customary regulatory approvals.
