Celsius Holdings, the maker of fitness drink Celsius, has announced the acquisition of Func Food Group, a Finnish supplements and health foods firm, for $15.1 million in cash and the assumption of $9.5 million of outstanding debt.
Func Food is a markets and distributes beverages, protein bars, supplements and superfoods under the brands Celsius, FAST Sports Nutrition, CocoVi and FitFarm.
Celsius Holdings said the deal represented an opportunity to quickly gain critical access to the European nutrition markets, expand its product offerings in-line with growing market potential, and position the company to capitalize on a broader revenue base.
Commenting on the acquisition, Celsius Holdings president and chief executive officer John Fieldly said: “The acquisition of Func Food is an important next step in our strategy to build a globally dominate brand and solidifies our position in the Nordics while opening a new distribution platform for the rest of Europe. At the same time, this transaction provides us with the ability to bring an entirely new, yet complementary product offering to consumers; Func Food’s innovative FAST business. The acquisition […] provides […] incremental opportunities to expand our European footprint”.
Source: Celsius Holdings