On 6th April it was announced that Weetabix has agreed to acquire Lacka Foods, owner of UFit, the UK’s leading ready-to-drink protein shake brand.
The UFit range includes the leading 25g “Everyday protein” and 50g “Performance protein” sub-brands, which are high in protein, fat-free and with no-added sugar, as well a plant-based shake made with pea protein and coconut milk and Crunchers on-the-go protein snacks.
Through this acquisition, Weetabix has boosted its presence in the dairy drinks category, having launched its own range of Weetabix on-the-go drinks in 2014 and it represents Weetabix’s first acquisition since its sale to US group Post Holdings in 2017.
UFit has grown at a 33% CAGR over the past 6 years, driving category growth to become the UK market leader in ready-to-drink protein shakes, with growth underpinned by strong consumer demand for healthier options.
UFit has taken significant share from less healthy traditional flavoured milks and grown its distribution dramatically in both grocery multiples and convenience channels.
Weetabix stated that: “The all-cash deal, backed by Post Holdings, unites two of the UK’s market-leading food and drink businesses and unlocks growth opportunities for Lacka Foods both in the UK and in international markets.”
Austin Bailey, founder of Lacka Foods, said: “Securing investment from a like-minded British business and family favourite such as Weetabix is a transformational step in the Lacka Foods story, and will help accelerate our pace of growth in a rapidly expanding category both here in the UK and internationally.”
Stamford Partners acted as exclusive financial adviser to Lacka Foods on this transaction. Financial terms were not disclosed.