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BFD Expert Voices - Retail Deals

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Major food strategic buyers have the protein shake brand Only What You Need on their radar, OWYN CEO Mark Olivieri tells Axios.

"Strategics also have data access and see our numbers," Olivieri says, adding, "I'm getting inbounds all the time."

Why it matters: Food and beverage conglomerates have demonstrated an appetite for protein shakes and powders, as evidenced by Nestlé's majority acquisition of Orgain earlier this year. (Orgain was reportedly valued at around $2 billion.)

State of play: OWYN ranks behind U.S. protein shake brand leaders BellRing Brands' Premier Protein, PepsiCo's Muscle Milk and Coca-Cola's Core Power (under the Fairlife brand), per Olivieri.

PepsiCo purchased CytoSport, which includes Muscle Milk and Evolve, from Hormel in 2019 for $465 million.

By the numbers: OWYN generates north of $100 million in sales, Olivieri says. One-third is attributable to e-commerce, with the rest being retail. 

It is growing more than 50% year over year, which doesn't include the potential for new products such as meal replacement or new distribution channels.

OWYN also has a 54% customer retention rate.

The average valuation multiple for a business such as OWYN since 2006 has been 4.6x trailing 12-month net revenue, Olivieri says.

A strategic acquirer would likely value OWYN at around 4.5x TTM net revenue, or 15x gross margin, according to the executive.

How it works: OWYN sells protein shakes, protein powder and pancake and waffle mixes that don't contain top allergens like dairy, gluten, soy, egg, peanuts, tree nuts, fish or shellfish.

Flashback: OWYN raised a round of an undisclosed size in July led by Purchase Capital, with Hammock Park Capital and existing investor PowerPlant Ventures also participating.

A year ago OWYN sold a majority stake to United Nutritional Brands, an investment firm headed by Nicholas Singer and backed by Purchase Capital.

"We operate very efficiently," Olivieri said, declining to disclose how much the company has raised.

"In the beverage space (there are) these headlines of $50 million raises, $100 million raises. I can tell you OWYN is never going to have that headline."

What they're saying: Purchase Capital-backed OWYN could fit well into portfolios of companies like BellRing Brands, PepsiCo, Nestlé and Coca-Cola, both in terms of the startup's products and distribution channels, Olivieri says.

"I believe there will be a long-term partner because of the interest we have and because these portfolios need to evolve," he says. "With having great economics and a path, you have optionality, whether it's a strategic or being able to control your own destiny." 

The company has not yet hired an investment bank.

What's next: The company now has a meal replacement beverage that will be available for sale in Publix Super Markets, to take on brands such as Ensure and Boost, Olivieri says.

After selling primarily DTC, it's also expanding into the club channel, via BJ's Wholesale Club, as well as direct store delivery (DSD).

OWYN could be a tasty target for strategics

The plant-based protein shake brand expects to grow 50% this year.

Photo: Thomas Concordia/Getty Images for Style360

Mergers and acquisitions

<p>Major food strategic buyers have the protein shake brand Only What You Need on their radar, OWYN CEO Mark Olivieri tells Axios.</p><ul><li>&quot;Strategics also have data access and see our numbers,&quot; Olivieri says, adding, &quot;I&#x27;m getting inbounds all the time.&quot;</li></ul>

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OWYN could be a tasty target for strategics

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