Online retailer The Hut has snapped up the specialist online sports nutrition retailer Myprotein.com in a deal reportedly worth £58 million (US$95 million / €65 million).
Fast-growing internet specialist The Hut is understood to be considering a flotation later this year. Myprotein.com adds to The Hut’s growing portfolio of specialist online retailers, following its acquisition of Mankind Direct, the men’s grooming products web retailer for £2.5 million in 2010. Earlier, in 2009, The Hut acquired the music e-retailer Zavvi.com from its administrators.
Myprotein is a registered trademark and also the trading name for Cend Limited, which is a registered company in the UK. The site was originally founded in 2004 with a £500 overdraft facility by its CEO Oliver Cookson.
The company buys in bulk and sells its own branded products direct online. According to Myprotein, ‘Simply put, we cut out the middle men so you can buy the finest nutrition at the lowest possible prices. If you want even greater discounts, you can buy in bulk. It’s up to you!’
From humble beginnings and its origins in the protein and weight gaining arena for bodybuilders, the site has gone from strength to strength – now offering a full range of nutrition products.
This includes a diverse selection of nutrition offerings, from general health to joint health, energy and endurance, female specific offerings, meal replacement products, weight gain and weight loss products, through to all-in-one products and a Myprotein branded clothing range.
Myprotein is expected to grow sales by 56% to reach £25 million this year across its various websites in the UK, Ireland, France, Germany, Italy and Spain.
Myprotein is also a member of ESSNA (the European Specialist Sports Nutrition Alliance), which is positioned as the voice of the specialist sports and physique nutrition industry in Europe.