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Provexis fuels up with £8m sports nutrition deal
by Mike Fahy - 21/06/2011
"FOOD supplements firm Provexis has launched a bid to buy Blackburn-based Science in Sport for £8m."
Provexis, whose research and development operations are based in Liverpool, has said that it intends to raise £2.5m of the price tag through a conditional placing at 1.5p per share.
Science in Sport (SiS) is a 19 year-old company which makes a range of sports drinks and supplements endorsed by cyclist Chris Boardman. The acquisition will provide an important source of revenues for Provexis, which this morning announced that pre-tax losses had widened to £2.3m in the year to March 31 (2010: £1.7m) on revenues of just £50,086 (£14,767).
In the year to December 31, 2010, SiS made a £200,000 profit on sales of £5.6m and it had net assets of £960,000.
It also argued that it was making "good progress" in its efforts to commercialise its own Fruitflow heart health technology drinks.
Chief Executive Officer Stephen Moon said the firm was "delighted" to have conditionally agreed a deal with SiS, which is due to complete next week.
"Science in Sport is a highly regarded and growing company in the substantial sector of sports nutrition.
"I believe there are strong synergies between the two businesses, with the existing scientific, regulatory and product development capability of Provexis available to further enhance the reputation of Science in Sport with elite and professional athletes.
"The revenue generating, profitable nature of the new business will help us to achieve our strategic goals, by adding a near term revenue stream to our longer-term pipeline development bias."
The company finished the period to March 31 with a cash balance of £7.6m, although the bulk of this will be eaten up by the acquisition of Science in Sport. It is paying £4.5m from current cash reserves and £2.5m from its placing for Science in Sport, with the remaining £1m being met in Provexis shares.
SiS managing director Phil Walker said the deal provided a "great opportunity" for him to grow his business.
"Provexis offers a solid platform for SiS to continue its development, in terms of products and share of the market.
"I firmly believe that Provexis' scientific, product development and management experience will add further value to the SiS business."
More Details: http://www.thebusinessdesk.com/northwest/news/181059-provexis-fuels-up-with-8m-sports-nutrition-deal.html?news_section=28384
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