Science in Sport — Acquisition by bd-capital (Einstein Bidco)
UK sports nutrition business operating the SiS and PhD Nutrition brands, acquired by bd-capital at a high EV/EBITDA multiple that reflects established brands and growth opportunities alongside a relatively small EBITDA denominator.
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
bd-capital (Einstein Bidco)
Year
2025
Enterprise Value
~£97.8m
Revenue
£51.9m (FY2024)
Adjusted EBITDA
~£4.23m (2024 Adjusted EBITDA, derived)
EBITDA Multiple
~23.1×
Industry
Sports Nutrition & Supplements Business
Transaction
On 16 June 2025, bd-capital, through Einstein Bidco, completed its acquisition of Science in Sport (SiS). The transaction valued the company's equity at approximately £82.3m and implied an enterprise value of £97.8m. The announcement disclosed an EV/2024 Adjusted EBITDA multiple of 23.1×, implying adjusted EBITDA of approximately £4.23m.
Why the Premium?
- Established sports nutrition brands, including SiS (Science in Sport) and PhD Nutrition
- Specialist endurance and active nutrition products
- Retail, wholesale and online distribution
- Recognised position in professional and consumer sports nutrition
- Potential operational improvements under private ownership
SME Takeaway
At 23.1× historical adjusted EBITDA, the transaction illustrates how established brands and strategic growth opportunities can produce valuations substantially above typical SME multiples. However, the unusually high multiple partly reflects a relatively small EBITDA denominator and should not be considered representative of an ordinary profitable supplements business.
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.