Consumer-focused private equity firm Lion Capital has agreed to acquire a majority stake in UK-based nutrition company and lifestyle brand Grenade from Grovepoint Capital and Grenade’s founders for £72m.

Lion Capital has been investing in international brands such as Weetabix, Kettle Chips and Orangina-Schweppes.

Lion Capital partner James Cocker said: “Grenade has enjoyed exceptional growth over the past few years, driven by a distinctive brand and products which offer a unique combination of flavour and functional nutritional benefits.

“We have followed the business for some time and believe it is one of the most innovative players in this high-growth segment, with a product offering that is exceptionally well-aligned with multiple consumer trends.

“We see opportunities for growth not just in the current product range, but also through product and channel extension, and international expansion.

"Our proven track record of working with international brands makes this a perfect fit with our investment strategy, and we look forward to working with Alan, Juliet and Tom to help Grenade capitalise on its tremendous potential.”

Established by husband-and-wife team Alan and Juliet Barratt in 2010, Grenade is reported to be one of the UK’s fastest growing companies.

"We see opportunities for growth not just in the current product range, but also through product and channel extension, and international expansion."

Grenade co-founder and CEO Alan Barratt said: “It has been an amazing seven years since Juliet and I first launched Grenade but really we are just getting started on our journey to build a global lifestyle brand.

“Our team remains dedicated to innovating and creating the best products possible and we are excited to be partnering with Lion Capital. Lion’s successful track record of working with global mega-brands and their understanding of our business made them a clear choice as partners for the next phase of our growth.

“We would also like to mention what an absolute pleasure it has been to work with Avital and the team at Grovepoint over the last three years. They are some of the most intelligent and hardworking people we have ever met.

“They backed us when we were just a small team of six people, and have always been supportive of our creative ideas and objectives. We will be friends for life and wish them every success in their future investments.”

Upon completion of the transaction, Grenade co-founders Alan and Juliet Barratt will continue to lead the business as CEO and chief marketing officer (CMO).

Grovepoint and Grenade have been working together for more than three years, wher Grenade offered six food products that were primarily sold through specialist retailers across UK.

Grenade’s healthy, functional snacking products and supplements are currently sold in more than 100 countries.