London—Dentons has advised Science in Sport plc (SiS) on its £32 million acquisition of PhD Nutrition Ltd, a premium, innovation-led protein brand, and its related placing of shares to raise £29 million.

Science in Sport is an AIM-quoted, market-leading endurance sports nutrition company headquartered in the UK which develops, manufactures and markets sports nutrition products for elite athletes and sports enthusiasts. The company has agreed to acquire PhD Nutrition Ltd for £32 million in cash and shares on a cash-free, debt-free basis.

The acquisition complements Science in Sport's ambition to become global leader in performance nutrition, giving it a broader consumer reach, greater international presence and a wider product range.

The placing was conducted through an accelerated bookbuild, of which Liberum Capital Ltd acted as sole bookrunner. The transaction is scheduled to close at the beginning of December.

Neil Nicholson, UK Corporate partner at Dentons who led on the deal, said, "We were pleased to advise on this acquisition and placing for our new client, Science in Sport plc, especially against a backdrop of such challenging market conditions for equity raisings."

Alongside Neil Nicholson, the Dentons team advising on the deal included Corporate associates Verity Kent and Lucy Conway, Corporate trainee Charlotte Uden, and Tax partner James Meakin.