Mimi's Rock Corp. — Acquisition by FitLife Brands
Canadian nutritional supplements business operating the Dr. Tobias, All Natural Advice and Maritime Naturals brands, acquired by FitLife Brands, illustrating how established e-commerce supplement brands can attract valuations above typical SME benchmarks.
Acquirer
FitLife Brands
Year
2023
Enterprise Value
~$17.6m
Revenue
~$28.4m (implied LTM)
Adjusted EBITDA
~$1.66m (implied LTM EBITDA)
EBITDA Multiple
10.6×
Industry
Sports Nutrition & Supplements
Transaction
On 28 February 2023, FitLife Brands completed its acquisition of Mimi's Rock Corp., a Canadian nutritional supplements company operating the Dr. Tobias, All Natural Advice and Maritime Naturals brands. The business sold supplements primarily through Amazon, with Dr. Tobias accounting for approximately 87% of revenue and selling more than 1.1 million units annually through the platform. The transaction was reported at an enterprise value of approximately $17.6 million, representing 10.6× historical LTM EBITDA and approximately 0.62× revenue, implying approximately $1.66 million in EBITDA and $28.4 million in revenue.
Why the Premium?
- Established Dr. Tobias supplements brand
- Strong Amazon marketplace presence
- Repeat-purchase nutritional supplements
- Portfolio of complementary supplement brands
- Existing consumer demand and brand recognition
- Opportunities for advertising optimisation and cost savings
SME Takeaway
At 10.6× historical LTM EBITDA, the Mimi's Rock acquisition illustrates how established e-commerce supplement brands can attract valuations above typical SME benchmarks. With implied annual revenue of approximately $28.4 million, the business falls within the $1m–$50m SME revenue benchmark. However, the multiple was substantially above the indicative 3×–6× EBITDA range, reflecting the strategic value of its brands, established distribution and potential integration benefits. For smaller supplements businesses, customer retention, marketplace dependence, advertising efficiency, regulatory compliance and sustainable profitability remain important valuation considerations.
Sources
Disclaimer: Case study figures are based on publicly available information and are provided for illustrative purposes only. Transaction values, EBITDA figures and implied multiples may reflect different reporting periods, definitions and deal structures, and some multiples are calculated from disclosed figures rather than reported by the parties. They are not formal valuations, investment advice or a substitute for independent professional advice.