The Hut Group has completed a deal to acquire US-based weight management and sports nutrition retailer Ideal Shape as it continues its rapid expansion.
Ideal Shape, launched in 2003, generates $60m of online, direct-to-consumer revenues annually. It trades under the brands IdealShape and IdealFit and currently retail 57 products including weight management and protein shakes, bars and supplements.
The US firm will also make use of The Hut’s 250,000 sq. ft. distribution and production centre in Kentucky.
Hut Group chief executive Matt Moulding said: “This is a genuinely innovative and popular brand with a fast growing and complementary customer base in the USA.
”We look forward to sharing our in-house manufacturing and technology platform to further develop the range and take the brand to new audiences around the world.”
Terms of the deal were not officially disclosed, but reports suggested The Hut paid in the region of $100m for the US firm.
The Hut, which is chaired by Co-op chief executive Richard Pennycook and whose shareholders include Sir Terry Leahy, has made a string of acquisitions over the past year.
It snapped up upmarket rival Salu Beauty from Walgreens Boots Alliance earlier this year, haircare brand Grow Gorgeous in February and Mio Skincare, which is targeted at pregnant women, last August.
The group secured a £210m loan last September to drive international expansion and acquisitions.