Panmure Liberum acts as Sole Financial Adviser, Sole Rule 3 Adviser, Sole Broker, and Nomad on Science in Sport’s £82.3m Recommended Cash Offer by bd-capital.
We are pleased to announce that Panmure Liberum is acting for Science in Sport plc (“SiS” or the “Company”), on the Recommended Cash Offer of 34.0 pence per SiS share from bd-capital Partners Limited (“bd-capital”) for approximately £82.3m, for which an intention to offer was announced today.
SiS is a leading sports nutrition business that develops, manufactures, and markets innovative nutrition products for professional athletes, sports and fitness enthusiasts and the active lifestyle community, with production facilities based in Blackburn, United Kingdom. SiS has two highly regarded brands: PhD, a premium active-nutrition brand targeting the active lifestyle community; and SiS, a leading endurance nutrition brand for elite athletes and professional sports teams.
bd-capital is a consumer-focused private equity firm whose extensive expertise and resources are intended to support the management team, which is rolling over a significant portion of its existing investments in SiS, with a particular focus on the expansion of its omnichannel offering and internationalisation.
Panmure Liberum previously acted as Sole Bookrunner and Nomad to SiS on its £8.5 million oversubscribed Capital Raise in July 2024 at 17p, its £4.5m Placing in April 2020 and its £29.0m Placing in November 2018. Panmure Liberum has acted as Broker and Nomad since September 2018.
The cash offer for the Company is at a premium of 23.6% to the Closing Price of 27.5p on 15 April 2025 and implies an FY24 EV/EBITDA multiple of approximately 23.1x.The transaction is subject to shareholder approval.
Panmure Liberum Team
Investment Banking – Bidhi Bhoma, Edward Thomas, John More, Joshua Borlant, Izzy Anderson
M&A – Tim Medak
Sales – Oliver Baxendale, Zak Wadud
Research – Wayne Brown
