A sports nutrition company founded by a husband and wife team in Solihull has been bought out by private equity firm Lion Capital in a deal valuing the business at £72 million.
London-based Lion Capital has acquired a majority stake in Grenade which was launched in 2010 by husband and wife team Alan and Juliet Barratt.
Terms of the deal have not been disclosed.
The pair sold a stake in the company to Grovepoint Capital in 2014, which at the time valued Grenade at £35 million, and Lion Capital has now taken on Grovepoint's investment.
At that time, Grenade offered just six products which were primarily sold through specialist retailers.
Since then, the company has launched a variety of new products, including its 'Carb Killa' range of high-protein bars and drinks.
It has also expanded distribution into mainstream convenience and grocery channels in the UK and abroad, meaning its products are now sold in more than 100 countries.
Mr and Mrs Barratt will continue to lead the business as chief executive and chief marketing officer respectively, alongside chief financial officer and sales director Tom Murphy who joined the business in 2014.
Mr Barratt said: "It has been an amazing seven years since Juliet and I first launched Grenade but really we are just getting started on our journey to build a global lifestyle brand.
"Our team remains dedicated to innovating and creating the best products possible and we are excited to be partnering with Lion Capital."
James Cocker, partner at Lion Capital, said: "Grenade has enjoyed exceptional growth over the past few years, driven by a distinctive brand.
"We have followed the business for some time and believe it is one of the most innovative players in this high-growth segment.
"We see opportunities for growth, not just in the current product range but also through product and channel extension, and international expansion."
Avital Lobel, partner and head of principal investments at Grovepoint, added: "We are proud to have been part of the journey with Alan, Juliet, Tom and the team in growing Grenade into the market-leading brand that it is today.
"During the three years of our partnership, we have seen Grenade transform the range and distribution of its products to become one of the most exceptional brands in its segment.
"Grenade has an exciting future ahead of it and we wish the company and Lion Capital every success."
Grovepoint and the existing shareholders were advised by Houlihan Lokey, DLA Piper and Deloitte.
Lion Capital was advised by Stamford Partners, Proskauer, PwC and Parthenon-EY.