Vitamin Well Group joins forces with EMPWR

Ghent (Belgium), 2 July 2026 – Vitamin Well Group has entered into an agreement to combine with EMPWR, a Belgium-headquartered contract development and manufacturing organisation (CDMO) specialising in nutritional bars and Barebells’ long-standing manufacturing partner, from Waterland Private Equity Investments.

EMPWR operates four manufacturing facilities in Croatia, the Netherlands, the United States and Canada. It employs more than 1,500 people and serves more than 100 customers globally. Since partnering with Waterland in 2017, the company has realised a remarkable growth path. Together with management, Waterland supported the carve-out of the business from Atlantic Grupa through Aminolabs and, in 2022, the creation of EMPWR as a fully independent company.

Over the past eight years, Waterland invested more than €200 million in manufacturing capacity and operational excellence, complemented by the strategic acquisitions of Noble Foods in North America and VSI in the Netherlands. As a result, EMPWR has evolved into a well-established contract development and manufacturing organisation (CDMO) for nutritional bars. During this period, the company grew from one manufacturing facility to four across Europe and North America, increased its production capacity from one to 15 production lines and expanded its workforce from less than 100 to more than 1,500 employees. The company has been a key partner to Vitamin Well Group for many years, producing Barebells’ different ranges of protein bars for markets around the world.

The transaction supports the continued growth of Barebells by bringing its key manufacturer in-house, unlocking the ability to increase investments in capacity and pursue significant volume growth opportunities.

In addition, the transaction will strengthen innovation capabilities across the protein bar category. By combining the complementary innovation capabilities of both companies, the business can accelerate new product development and further meet evolving consumer trends.

Vitamin Well Group will continue to operate as a brand-led consumer goods company and maintain its broad network of manufacturing partners across categories and geographies.

EMPWR will continue to serve its customers following completion of the transaction. Maintaining strong customer relationships, service levels and existing contractual commitments will remain a priority.

Following the transaction, Cinven will remain the lead investor in Vitamin Well Group. The founders and existing shareholders will continue as significant long-term owners of the Group. As part of the transaction, Waterland will reinvest a portion of its proceeds and become a minority shareholder in Vitamin Well Group, reflecting its continued confidence in EMPWR and the Group’s future development.

The transaction is subject to customary closing conditions and regulatory approvals. Subject to these approvals, the transaction is expected to close in Q4 2026.

Jonas Pettersson, CEO and Co-Founder of Vitamin Well Group, said: “This is a transformational moment for Vitamin Well. For several years, the global demand for Barebells has grown at a significant pace, and this transaction positions us to fully match the growing consumer demand and sustain that momentum. By combining our brand-building and commercial capabilities with EMPWR’s world-class manufacturing platform, and merging our strong innovation capabilities, we can now pursue the full growth opportunity in front of us. I am proud of what our team has built and excited about the journey ahead.”

Frederic Landtmeters, CEO of EMPWR, commented: “Our long-standing partnership with Barebells has demonstrated what we can achieve together. Becoming part of Vitamin Well Group is a natural next step that creates new opportunities for our employees, customers and business. We look forward to contributing our manufacturing and innovation expertise, continuing to deliver for all our customers and supporting the Group’s future growth.”

Pontus Pettersson, Partner and Head of the Nordic regional team at Cinven, added: “Vitamin Well has been one of the most exciting growth stories in the European consumer sector since the Cinven funds’ investment in 2024 and deepening the relationship with EMPWR is an important step in realising the business’s full potential. Barebells has grown into one of the most dynamic and recognisable protein bar brands in the world, with a growing presence in the United States and strong recognition across Europe. Bringing EMPWR into the Group will help to fuel the business’s continued growth. We are delighted to have signed this transaction and look forward to the next chapter of Vitamin Well’s journey.”

Matthias Geyssens, Partner at Waterland Private Equity Investments, commented: “We are proud of what EMPWR has achieved during our ownership and of the business the team has built. Given the long-standing relationship between EMPWR and Barebells, we believe Vitamin Well Group is the right long-term owner for the company. Our decision to reinvest reflects our confidence in EMPWR’s future and the long-term growth prospects of Vitamin Well Group.”

About Vitamin Well Group
Founded in Sweden in 2006, Vitamin Well Group is an international house of brands focused on functional beverages and snacks. The Group owns and develops brands including Vitamin Well, NOCCO, Barebells, NÅBE and Tyngre.
The Group operates across more than 50 markets in Europe, North America, Asia, the Middle East and Africa and has established significant positions across multiple categories within functional beverages and protein snacks.
For additional information on Vitamin Well Group please visit:
www.vitaminwellgroup.com, and
www.linkedin.com/company/vitamin-well

About EMPWR
EMPWR is a leading global contract development and manufacturing organisation (CDMO) specialising in protein and nutritional bars. Headquartered in Belgium, the company operates four manufacturing facilities across Croatia, the Netherlands, the United States and Canada, serving more than 100 branded and private label customers worldwide.
For additional information on EMPWR please visit:
www.empwrnutrition.com

Press contact:
Laurence Van Doosselaere | press@waterlandpe.com