YFM exits Protein Works following sale to Lactalis

When YFM backed Protein Works through our Buyout Fund in 2019, the business was generating £13m in revenue and operating almost entirely in the UK as a sports nutrition brand. The fundamentals were strong a direct-to-consumer model, a loyal customer base and a manufacturing capability that few competitors could match. But the opportunity we saw was bigger than sports nutrition.

We’re pleased to share that YFM has successfully exited Protein Works, following the business’s acquisition by Lactalis, the world’s leading dairy company.

The value creation story at Protein Works is one of deliberate repositioning and sustained operational investment.

The first strategic shift was moving the brand from sports nutrition into mainstream lifestyle nutrition, a significantly larger and faster-growing market. That repositioning opened the business up to a much broader customer base and underpinned the international expansion that followed.

Running alongside that was a substantial investment in operational infrastructure. The Speke campus, a purpose-built manufacturing and fulfilment facility in Liverpool, represented an £11m investment since YFM came on board, giving the business the capacity and control to scale on its own terms.

The results speak for themselves. Revenue grew from £13m to approximately £55m. Gross margins improved significantly, the customer base grew to over 2.5 million, with meaningful international presence built from a standing start.

The sale to Lactalis is a strong validation of what Protein Works has become. A business of that scale doesn’t acquire for potential; it acquires for what’s already been built.

For Protein Works, the acquisition opens the next chapter: deeper distribution, broader resources and the opportunity to grow the brand within one of the world’s largest food and beverage groups.

 Protein Works is a strong example of YFM’s Buyout Fund strategy in action, identifying established, founder-led regional businesses with the foundations to grow, and providing the capital, expertise and network to unlock that potential. The 10.8x cash multiple reflect seven years of focused, hands-on work alongside an exceptional team.