The takeover of Science in Sport (SiS) has been confirmed as finalised by directors of Einstein Bidco (Bidco) and the board of directors of SiS. The cash transaction covers the entire issued and to be issued share capital of SiS, which is valued at c.£82.3 million on a fully diluted basis.
The terms had been agreed in April, which led to SiS requesting a temporary suspension of trading in its shares on AIM pending the sale of the business to bd-capital Partners, a private equity firm with other interests in the food supplement and nutrition sector. SiS has now delisted from AIM and accepted the resignations of its non-executive directors.
Henry Turcan, a departing non-executive director of SiS said: “SiS has built a fantastic portfolio of sports nutrition products and the current management team has been instrumental in reshaping its strategic focus. Nonetheless, whilst progress has been substantive, much remains to be done to optimise the value potential of the SiS Group.
“The acquisition will provide SiS shareholders with the opportunity to realise the value of their holdings, in cash, at an attractive value without providing further capital or assuming additional risk likely to be necessary to drive meaningful growth and value creation over the medium term.”
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