𝓤𝓷𝓲𝓽𝓮𝓭 𝓝𝓮𝔀𝓼

Nichols, the owner of soft drinks brand Vimto, has acquired healthy beverage maker VitHit in a deal worth €75 million (£64 million), created by former professional rugby player Gary Lavin.

Mr Lavin, who played for Leinster and Harlequins, will step down following the sale of the business. He launched the brand in Dublin 25 years ago as a healthy alternative to sugary sports drinks.

The brand has expanded into 13 overseas markets, generating revenues of more than €26.5 million (£22.7 million) last year and delivering underlying profits of €4.1 million (£3.5 million).

London-listed Nichols described the acquisition as a “strategic milestone” for the group, confirming plans to accelerate sales growth for the VitHit brand.

Mr Lavin said: “Since launching VitHit more than 25 years ago, our ambition has always been to build a distinctive health and wellness drinks brand with broad consumer appeal.

“We are proud of what the team has achieved and consider Nichols the ideal partner to support the next stage of the brand’s development.”

Nichols will keep VitHit’s Dublin office and said it would be “supported by its management team, some of whom will step away after a smooth transition, while the chairman and founder, Gary Lavin, will step down from day one”.

Nichols chief executive, Andrew Milne, said: “With its established market position, alignment with our asset-light operating model, proven profitability and significant headroom for growth, VitHit perfectly fits the acquisition profile we have been looking for and is fully aligned with our long-term growth strategy.

“Nichols is ideally placed to accelerate VitHit’s development through our commercial capabilities, customer relationships, route-to-market expertise and international infrastructure.

“A significant opportunity exists to expand distribution across the group’s existing customer base.”