The owners of German sports nutrition company The Quality Group have sold a majority stake to private equity firm CVC Capital Partners.
Founders Benjamin Burkhardt and Christian Wolf will retain a minority stake in The Quality Group (TQG) and have agreed to reinvest in the business as part of the deal with Luxembourg-based CVC.
Financial terms of the transaction, which is expected to close by the end of the second quarter, subject to regulatory approval, were not disclosed.
TQG was created at the end of 2020 by the merger of the sports nutrition companies ESN and More Nutrition and serves the DACH markets – Germany, Austria and Switzerland. Other brands in the portfolio include Fitmart, Got7 and Synergy, which encompass protein powders, bars and snacks, as well as supplements and energy drinks.
CVC said in a statement that it plans to “accelerate the growth of the business by expanding its logistics activities and improving the customer experience, as well as expanding the product portfolio in the DACH region and in the international”.
German company Got7 Nutrition, a company founded in 2015, was acquired by TQG last year for an undisclosed amount.
TQG is headquartered in Elmshorn near Hamburg and sells its products online and in retail stores such as Kaufland, Rewe and Edeka. The company employs 360 people.
CVC is a diversified investor in several sectors. In food, the private equity firm acquired in 2020 Vivartia, a supplier of dairy products, rice and pasta in Spain. She also owns a majority stake in Spanish branded olive oil producer Deoleo. In Indonesia, CVC has invested in biscuit and snack manufacturer Garudafood.