bd-capital, the pan-European, operationally-led private equity firm, has made its first investment today into Symprove, an innovative disruptor in the £35bn probiotics market.
The Symprove brand was launched in 2010 by Barry Smith on his farm in Farnham, Surrey. Barry discovered that his innovative probiotic formula could not only make the animals on his farm live disease-free lives without the need for antibiotics – but could work on human beings, too. Over the following decade, Symprove’s liquid supplement containing live, active multi-strain bacteria, and its patented delivery system allowing the bacteria to “arrive, survive and thrive” in the gut, was recognised as uniquely effective by some of the world’s leading academics.
The importance of gut health
Interest in how to improve gut health has grown exponentially in recent years, as advances in scientific research and medicine have continued to uncover how the diversity and balance of bacteria in the microbiome affects many conditions – not only gut conditions such as IBS and IBD, but Parkinson’s and dementia, cardiovascular conditions, mood and mental health. While the science is emerging, it has become clear that people with many different diseases tend to have a less diverse or unbalanced microbiome.
With customer feedback regularly describing Symprove as “life-changing”, it is unsurprising that the company’s daily-use, subscription product, sold primarily through its direct-to-consumer website, is growing at more than 50% year-on-year through word-of-mouth and recommendations from doctors and nutritionists. More recently, the COVID-19 pandemic heightened interest in proactive health management, evidenced by a spike in searches online for “probiotics” and “immunity function”.
A partnership for growth
Recognising that Symprove could change the lives of many more people in the UK and beyond, Founder Barry Smith looked for a partner who could help him realise this potential and chose bd-capital:
“We were aware that we needed serious help to take Symprove to the next level and it was clear to us that bd-capital could bring a huge level of expertise and experience to the task. More importantly, however, what sets bd-capital apart is their care and consideration; they are eager to safeguard Symprove’s heritage and brand integrity as the company enters its next chapter of growth. bd-capital’s excitement to work with us is palpable and the entire Symprove team feel the same way; I am in no doubt that we have selected an exceptional partner.”
Following the investment by bd-capital, Founder Barry Smith will remain on the Board of Symprove, Mike Butler will continue as CEO and David Johnston, Operating Partner at bd-capital, will become Chairman, bringing with him 20 years of FMCG industry expertise.
Richard Baker, Managing Partner and co-Founder of bd-capital, and former CEO of Alliance Boots, commented:
“It is clear to us from our interactions with Barry and the Symprove team, our own diligence, and review of both the scientific materials and customer feedback, that Symprove not only has the opportunity for significant future growth, but the potential to change the lives of millions of people living with conditions and symptoms that, today, have very limited treatment options. We are inspired by the level of responsibility, and the scale of the task, that being investors in Symprove will bring.
We share Barry’s vision for Symprove of becoming the world’s leading probiotic supplement, bringing scientific rigour and well-evidenced outcomes to an industry that has often overpromised and under-delivered. We believe that our unique team of business leaders and investment professionals bring the level of experience and professionalism necessary to steward Symprove through this next phase of growth.”
About bd-capital and advisors
Established in 2019 by Richard Baker, former FTSE CEO and Chairman, and Andy Dawson, former Advent International Investment Partner, bd-capital takes an operationally-led approach to its partnerships with businesses where changing patterns of consumer behaviour and technology disruption are creating growth opportunities. Since launching in June 2019, the bd-capital team has grown to 17 people, 6 of whom are former CEOs with experience of growing businesses in the European mid-market space.
Symprove was advised by Spayne Lindsay & Co (corporate finance) and Goodwin (legal). bd-capital executed the transaction in partnership with advisory teams from PwC (financial), Weil, Gotshal & Manges (legal), Marsh (insurance) and Ropes & Gray (compliance and regulation).
About Symprove
The Symprove brand was launched in 2010 in Farnham, Surrey, founded in the belief that maintaining a healthy gut bacteria balance can help you live a fuller life. The company holds that same belief today and have stayed curious, dedicated to researching the microbiome and developing Symprove’s unique, patented, water-based delivery system that supports the gut microbiome by delivering live and active bacteria to where it’s needed most.
For more information about Symprove, visit www.symprove.com.
