Private equity investment firm TSG Consumer Partners has offloaded its stake in sports hydration business Nuun to Nestlé Health Science. The terms of the deal were not disclosed.
Operating in the cycle market, Nuun has for 16 years specialised in low-sugar electrolytes designed to hydrate athletes. Over the last several years, Nuun has continued to expand its product portfolio, with Immunity, Rest, Energy and Instant products designed to assist athletes with both everyday hydration and endurance hydration.
“Over the past few years, our partnership with TSG has helped accelerate our mission to enhance the lives of millions of consumers who increasingly seek healthy fitness solutions,” said Kevin Rutherford, CEO of Nuun. “TSG’s marketing expertise and set of resources have helped drive our expansion beyond our core fitness enthusiast market and solidify Nuun as a household name brand. We thank TSG for their support of our mission and culture and are excited to enter our next chapter of growth.”
“We are incredibly proud of what we have accomplished through our partnership with Kevin, the entire team at Nuun and Dan Nordstrom, Nuun’s early lead investor,” said Michael Layman, Managing Director at TSG. “Since our investment in 2017, we have collaborated with Dan to support the company’s expansion into additional product categories and into new channels, which have resulted in a best-in-class portfolio of hydration offerings and significant top-line growth. Today, Nuun is a major force in the healthy hydration space that resonates with all types of consumers, and we are confident it will continue to thrive with the backing of Nestlé Health Science.”
The transaction is expected to close in the second half of 2021.