Class Delta Limited

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Class Delta Limited - overview

Established

2012

Location

-, -, UK

Primary Industry

Food

About

Based in Liverpool, UK, Protein Works, founded in 2012 by Mark Coxhead, Karl Jacobie and Nick Smith. The company provides sports nutrition products and supplements, including protein powders, meal replacements, and wellness products. Protein Works, founded in 2012 and headquartered in Liverpool, UK, is a direct-to-consumer functional nutrition brand specializing in protein-based food and supplement products. The company received backing from YFM Equity Partners in 2019, supporting its expansion and infrastructure growth.


Most recently, in June 2026, the company was acquired by Lactalis, a global dairy group, to strengthen its active nutrition capabilities and international expansion. Protein Works designs and manufactures a wide range of nutrition products including protein shakes, meal replacements, high-protein snacks, and wellness supplements. The company operates a vertically integrated model, handling formulation, manufacturing, and distribution through its own facility and online channels. The company primarily generates revenue through direct-to-consumer online sales of nutrition products across the UK and international markets.


Additional revenue is supported by international expansion and digital sales channels, with strong reliance on e-commerce distribution. Following its acquisition by Lactalis, Protein Works is expected to accelerate global expansion by leveraging Lactalis’ supply chain, manufacturing scale, and international distribution networks. The integration aims to expand reach across Europe and other markets while strengthening product innovation and category presence in active nutrition.


Current Investors

YFM Equity Partners

Primary Industry

Food

Sub Industries

Health Foods & Nutritional Supplements, Retail

Website

www.theproteinworks.com

Verticals

E-commerce, Manufacturing

Company Stage

Mature

Total Amount Raised

Subscriber access only

Class Delta Limited - timeline of key events

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Class Delta Limited - financials

Fiscal Year EndedAug 31, 2015Aug 31, 2016Aug 31, 2017Aug 31, 2018Aug 31, 2019Aug 31, 2020Aug 31, 2021Aug 31, 2022Aug 31, 2023Aug 31, 2024
Revenue (USD)6,203,35510,308,06210,887,00011,712,00012,463,98317,599,39625,611,658---
% Revenue Growth (YoY)-66.2%5.6%7.6%6.4%41.2%45.5%---
EBITDA (USD)(27,498)(1,158,516)(1,224,000)138,0001,049,8221,546,2792,080,423---
Operating Income (USD)(108,543)(1,349,810)(1,519,000)(78,000)830,8461,308,6931,816,619---
Operating Margin(1.7%)(13.1%)(14.0%)(0.7%)6.7%7.4%7.1%---
% EBITDA Margin(0.4%)(11.2%)(11.2%)1.2%8.4%8.8%8.1%---
NET Income (USD)(89,918)(1,110,340)(1,296,000)(302,000)932,8741,155,9591,674,562---
% Net Margin(1.4%)(10.8%)(11.9%)(2.6%)7.5%6.6%6.5%---

Class Delta Limited - deals

Deals TypeDeal StatusTarget (s)Deal DateInvestor(s)Seller(s)Deal size (Mn)Enterprise value (Mn)Post-money valuation (Mn)EBITDA multiple (x)Revenue multiple (x)Lead partner (s)
Trade SaleCompletedClass Delta Limited-
Secondary BuyoutCompletedClass Delta Limited-
BuyoutCompletedClass Delta Limited-

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Class Delta Limited - employee data

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