BGF, formerly known as the Business Growth Fund, has invested £10 million in healthy eating company Muscle Food, taking a minority stake in the business.
The funding will be used to establish a second base for the business in Europe and develop its online platform.
Muscle Food was set up in 2013 by CEO Darren Beale and sells premium lean meats, high-protein food and sports supplements, as well as ‘Live Clean’ meal boxes. The company, which is based in Nottinghamshire, recently started exporting to Europe and in the year to March 2017 had sales of £45 million, up from £14 million in 2015.
Muscle Food has also begun selling its products, including Protein Pizza, in Sainsbury’s and will soon be launching in Morrisons.
Its customers include celebrities and sportspeople such as Jamie Lomas and Iwan Thomas.
Darren Beale, CEO of Muscle Food, said: “The Muscle Food team care passionately about making it easier for our tribe of customers to achieve their fitness and health goals – this mission has been critical in driving the expansion of the company. The partnership with BGF will help us accelerate our growth and switch even more customers on to our unique proposition.”
Greg Norman of BGF added: “The Muscle Food team are talented, focused and passionate. They have successfully managed the high-growth experienced in the last three years and are ambitious about accelerating the expansion. We are pleased to be supporting the group as it continues to scale.”