Protein Works

Protein Works is a direct-to-consumer nutrition brand founded in 2012 and based in Liverpool. The business specialises in premium nutrition products, protein shakes, meal replacements, wellness supplements and high-protein snacks, developed and manufactured in-house. YFM backed the business through a management buyout in 2019, when the business was generating £13m in revenue and operating almost entirely in the UK. By exit, revenue had grown to approximately £55m, with a customer base of over 2.5 million.

YFM identified Protein Works as an established business with strong fundamentals and a clear opportunity to grow beyond its existing market. The direct-to-consumer model, in-house manufacturing capability and loyal customer base provided a solid platform. The opportunity was in repositioning the brand from sports nutrition into mainstream lifestyle nutrition, a larger, faster-growing market, and backing the team to execute that shift at scale.

Repositioning the Brand Working alongside the team, the business was repositioned from sports nutrition into mainstream lifestyle nutrition, significantly broadening its addressable market and customer base.

Investing in Infrastructure The Speke campus, a purpose-built manufacturing and fulfilment facility in Liverpool, represented an £11m investment, giving the business the operational capacity and control to scale on its own terms.

Expanding Internationally From an almost entirely UK-based operation at the point of investment, Protein Works built meaningful international presence, with revenue growth driven increasingly by markets outside the UK.

Growing Revenue and Margins Revenue grew from £13m to approximately £55m over the investment period. Gross margins improved significantly, reflecting both the brand repositioning and the operational efficiencies delivered through the Speke campus.

A Successful Exit In 2026, Protein Works was acquired by Lactalis, the world’s leading dairy company, delivering a 10.8x cash multiple on YFM’s original investment.