GCA Altium is now part of Houlihan Lokey

Transaction Details

December 15, 2017


Consumer, Retail, E-commerce and Leisure

Deal Type


Deal Team

Simon Lord, Andy Battersby

GCA Altium advises Muscle Food on fundraising with the BGF

GCA Altium has advised the founders of Muscle Food, an online grocery business, on securing £10m funding from BGF. This marks GCA Altium’s 12th deal in the UK Consumer Sector in the last 12 months and follows the high profile £171m IPO of lifestyle fashion retailer Footasylum.

Founded in 2013 and part of the DB Food Group, Muscle Food is disrupting the grocery market with an online platform for the retail and delivery of healthy foods. Muscle Food generated revenues of more than £45m in the year to 31 March 2017 and offers a range of products including fresh meat, snacks, ready meals and supplements.

Following the investment from BGF, the company will develop its UK leading online platform and expand into European markets such as Germany and the Netherlands.

Located in West Bromwich, UK, Muscle Food operates from a 32,000 sq. ft. distribution centre creating market leading products, including its Protein Pizza, the UK’s fifth largest pizza brand.

Simon Lord, Managing Director at GCA Altium, said: “Muscle Food has grown rapidly since inception to become an extremely profitable and highly cash generative business. It has been a real pleasure advising the founders on their first external equity investment from the BGF and we look forward to working with them in the future as Muscle Food continues on its exciting growth trajectory.”

Darren Beale, CEO at Muscle Food: “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, BGF said: “The Muscle Food team are talented, focused and passionate. They have successfully managed the high-growth experience 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.”

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