Applied Nutrition Plots London IPO

Applied Nutrition is muscling its way to public market.

What’s happening: The sports nutrition brand confirmed plans for a £500M IPO by year’s end.

Following a period of “stand-out” expansion, the UK-based company is growing 41% YoY and targeting £100M ($133M) in ’24 revenue.

Beyond the gym. Sold in 80+ countries, Applied Nutrition’s products range from protein and pre-workout powders to creatine and energy gels.

Targeting performance-minded athletes and everyday exercisers, the brand has transcended gym culture, landing equity backing from JD Sports and reaching the masses via retail partnerships with the UK’s Holland & Barrett and Tesco, as well as Walmart.

Beefing up, it doubled production capacity last year to meet growing demand, while a string of strategic hires—including a US CEO—has accelerated international expansion.

Sporting Success

The sports nutrition market is sprinting toward $52B, and brands are sizing up.

• Sweden’s Maurten added €20M to scale its performance-enhancing gels and mixes.
• Following £123.1M in annual sales, the UK’s Bulk is targeting European expansion.
• Backed by a $32M investment from Humble Growth, Momentous aims to “mainstream” sports nutrition products used by elite athletes.

Meanwhile, from DTC to shop floor, Target shelved Gainful’s customizable protein blends, Mars-owned Foodspring secured its first UK retail partnership with Holland & Barrett, and Myprotein products are stocked in Sports Direct and US supps store The Vitamin Shoppe.

Takeaway: Benefiting from pent-up protein demand spurred by the rise of both strength training and GLP-1s, sales are lifting for sports nutrition brands. Seizing the moment, Applied Nutrition aims to cement its place as the UK’s category leader.