Nutrawise (youtheory) — Acquisition by Jamieson Wellness Inc.
US premium supplements brand founded in 2010, developing, manufacturing and marketing nutritional supplements including collagen, turmeric, probiotics and other vitamins and wellness products through major retailers, specialist stores and e-commerce channels, acquired by Jamieson Wellness, illustrating the premium valuations achievable by established supplements brands with strong distribution, manufacturing capabilities and recognised consumer products.
This transaction involved a business above the $1m–$50m SME revenue benchmark. It is included for industry context and is not a direct SME comparison.
Acquirer
Jamieson Wellness Inc.
Year
2022
Initial Enterprise Value
US$210m (initial EV)
Revenue
~US$114m (TTM)
Adjusted EBITDA
US$20.6m (Adjusted EBITDA)
Initial EV / Adjusted EBITDA (pre-synergies)
10.2×
Industry
Sports Nutrition & Supplements
Transaction
On 19 July 2022, Canadian vitamins and supplements company Jamieson Wellness completed its acquisition of Nutrawise Health & Beauty Corporation, owner of the US premium supplements brand youtheory. Jamieson acquired Nutrawise for an initial enterprise value of approximately US$210 million on a cash-free, debt-free basis. The business generated approximately US$114 million in annual revenue and US$20.6 million in adjusted EBITDA for the trailing twelve months ended 31 December 2021. The initial purchase price represented 10.2× historical adjusted EBITDA, before acquisition synergies. The agreement also included potential additional consideration of up to US$190 million, dependent on future EBITDA growth targets through 2025. The acquisition provided Jamieson with an established premium supplements brand and a platform for expansion into the United States, the world's largest vitamins, minerals and supplements market.
Why the Premium?
- Established premium nutritional supplements brand
- Strong consumer recognition and customer loyalty
- Distribution through major US retailers and e-commerce channels
- Diversified portfolio of vitamins and wellness supplements
- Established manufacturing capabilities and product development expertise
- Opportunities for international expansion and cross-selling
- Strong profitability, with an adjusted EBITDA margin of approximately 18%
SME Takeaway
The Nutrawise acquisition demonstrates the premium valuations achievable by established nutritional supplements brands with strong distribution, manufacturing capabilities and recognised consumer products. At 10.2× historical adjusted EBITDA, the initial acquisition multiple was substantially above SME Multiples' indicative 3×–6× EBITDA range for smaller sports nutrition and supplements businesses. The premium reflected youtheory's established brand, scale, profitability and strategic importance to Jamieson's expansion into the US market. However, with approximately US$114 million in annual revenue, Nutrawise was significantly larger than SME Multiples' $1m–$50m revenue benchmark. The acquisition also included substantial performance-linked earn-out provisions. The 10.2× figure therefore represents the initial acquisition valuation, rather than the final all-in consideration. The transaction is best interpreted as a larger strategic brand acquisition, illustrating how established supplements businesses can command higher multiples than smaller, less differentiated operators.
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.