Metagenics has announced the acquisition of Symprove, the UK-based probiotic brand.
At the same time, the company and its sponsor, Gryphon Investors, announced in a release the completion of a strategic debt recapitalisation to provide capital to continue investing in organic and M&A growth opportunities.
Symprove is the UK’s number one probiotic, with a clinically proven, water-based formulation that addresses digestive illnesses and discomfort.
Ryan Fagan, Deal Partner in Gryphon’s Consumer Group, said: "We have never been more excited for the future of Metagenics."
"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."
Symprove will remain under the leadership of CEO Will Bowler.
Patrick Sly, Metagenics CEO, commented: "We are delighted to welcome Symprove to Metagenics. It's 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.”
Mr Bowler added: "After substantial growth during our partnership with bd-capital, becoming part of Metagenics is a great next step for Symprove as we look to scale and reach a wider market."
"Together, we will work toward becoming the world’s leading brand in gut health."
Terms of the transaction were not disclosed.