Leading global dairy company Lactalis acquires Liverpool nutrition brand Protein Works which was founded in a back bedroom in 2012 and now generates £55m in annual sales. Tony McDonough reports
Entrepreneur Mark Coxhead founded Protein Works in his back bedroom in 2012 and now the business has been sold to the world’s biggest dairy company.
France-based Lactalis has acquired Protein Works, based in Speke in Liverpool, for an undisclosed sum. In its most recent accounts Protein Works reported annual revenues of £55m and pre-tax profits of more than £7m. Net assets totalled more than £22m.
Employing around 150 people, the venture produces protein-based nutrition products designed for health and well-being. Its portfolio includes protein shakes, meal shakes and savoury options, wellness supplements and protein snacks.
Since 2019 the business has been backed by private equity outfit TFM Equity Partners. This deal will look to further accelerate the Protein Works’ growth in UK and global markets.
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Mark Coxhead said: “It’s been an incredible ride for both me and Protein Works 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’s the limit for the brand I started all those years ago in my spare bedroom.”
Protein Works makes its products at its recently opened facility in Speke and distributes through its direct-to-consumer UK and native EU websites.
Laura Keir, chief executive of Protein Works, added: “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.”