Symprove, a leading British manufacturer of probiotic supplements, is set to be acquired by American company Metagenics in response to the growing demand for gut-health and wellness products. Founded by Barry Smith in 2010 on his Surrey farm, Symprove has become one of the UK’s top probiotic brands, highly recommended by healthcare professionals.
The acquisition by Metagenics, a provider of nutritional supplements based in New Jersey, is expected to be officially announced on Thursday. This move is anticipated to result in a significant windfall for bd-capital, Symprove’s private equity investor, and other shareholders. The exact price being paid by Metagenics for the acquisition remains undisclosed.
Barry Smith initially developed Symprove’s water-based formula as a treatment for farm animals, later realizing its potential benefits for human gut health. The company’s products have shown effectiveness in treating conditions such as Irritable Bowel Syndrome (IBS) and the gastrointestinal symptoms of diseases like Parkinson’s. As consumer interest in gut health continues to rise, Symprove has capitalized on this trend, emphasizing its impact on overall physical and mental well-being.
Under the ownership of bd-capital since 2020, Symprove has experienced significant growth, becoming the largest subscription-based business of its kind in Europe. Chief Executive Will Bowler has overseen substantial annual sales increases during this period.
Various strategic and financial investors had expressed interest in acquiring Symprove, but the focus was on finding a new owner capable of expanding its international presence while upholding its commitment to scientific research. Metagenics, supported by Gryphon Investors, a US-based private investment firm, was advised by Greenhill and Spayne Lindsay on the acquisition. Jefferies provided advisory services to Symprove’s owners during the sale process.
This acquisition marks bd-capital’s first successful exit from an investment. Co-founded by Richard Baker, former Boots chief executive, and Andy Dawson, a prominent figure in the UK private equity industry, bd-capital has demonstrated its ability to identify and support successful ventures. Despite attempts to reach bd-capital and Symprove for comment, both parties were unavailable for response on Wednesday evening.
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