Bridgepoint-backed Vitamin Well Group has entered into an agreement to combine with EMPWR, a Belgium-headquartered contract development and manufacturing organisation (CDMO) specialising in nutritional bars and Barebells' long-standing manufacturing partner, from Waterland Private Equity Investments.
EMPWR operates four manufacturing facilities in Croatia, the Netherlands, the United States and Canada. It employs more than 1,500 people and serves more than 100 customers globally. The company has been a key partner to Vitamin Well Group for many years, producing Barebells’ different ranges of protein bars for markets around the world.
The transaction supports the continued growth of Barebells by bringing its key manufacturer in-house, unlocking the ability to increase investments in capacity and pursue significant volume growth opportunities.
In addition, the transaction will strengthen innovation capabilities across the protein bar category. By combining the complementary innovation capabilities of both companies, the business can accelerate new product development and further meet evolving consumer trends.
Vitamin Well Group will continue to operate as a brand-led consumer goods company and maintain its broad network of manufacturing partners across categories and geographies.
EMPWR will continue to serve its customers following completion of the transaction. Maintaining strong customer relationships, service levels and existing contractual commitments will remain a priority.
Following the transaction, Cinven will remain the lead investor in Vitamin Well Group. The founders and existing shareholders including Bridgepoint will continue as significant long-term owners of the Group. As part of the transaction, Waterland will reinvest a portion of its proceeds and become a minority shareholder in Vitamin Well Group, reflecting its continued confidence in EMPWR and the Group's future development.
The transaction is subject to customary closing conditions and regulatory approvals. Subject to these approvals, the transaction is expected to close in Q4 2026.
Jonas Pettersson, CEO and Co-Founder of Vitamin Well Group, said:
"EMPWR has been a key partner to Barebells for many years and has played an important role in the brand's development and success. By joining forces, we are taking the natural next step in that relationship, strengthening our ability to support Barebells' continued growth, increase capacity and accelerate innovation across the protein bar category. I look forward to welcoming the EMPWR team to Vitamin Well Group and continuing to build on the expertise and capabilities they have developed over many years."
Frederic Landtmeters, CEO of EMPWR, commented:
“Our long-standing partnership with Barebells has demonstrated what we can achieve together. Becoming part of Vitamin Well Group is a natural next step that creates new opportunities for our employees, customers and business. We look forward to contributing our manufacturing and innovation expertise, continuing to deliver for all our customers and supporting the Group's future growth.”
Pontus Pettersson, Partner and Head of the Nordic regional team at Cinven, added:
"Vitamin Well has been one of the most exciting growth stories in the European consumer sector since the Cinven funds’ investment in 2024 and deepening the relationship with EMPWR is an important step in realising the business’s full potential. Barebells has grown into one of the most dynamic and recognisable protein bar brands in the world, with a growing presence in the United States and strong recognition across Europe. Bringing EMPWR into the Group will help to fuel the business's continued growth. We are delighted to have signed this transaction and look forward to the next chapter of Vitamin Well’s journey."
Matthias Geyssens, Partner at Waterland Private Equity Investments, commented:
"We are proud of what EMPWR has achieved during our ownership and of the business the team has built. Given the long-standing relationship between EMPWR and Barebells, we believe Vitamin Well Group is the right long-term owner for the company. Our decision to reinvest reflects our confidence in EMPWR's future and the long-term growth prospects of Vitamin Well Group.”