Nutrabolt, the company behind energy drink C4 and nutrition brand Bloom, has selected investment banks to lead an initial public offering that could raise up to $1 billion, according to sources.

Company Background

Based in Austin, Texas, Nutrabolt was founded in 2002 and sells energy drinks, protein powders, recovery drink mixes, and sports nutrition products under the C4, XTEND, and Cellucor brands.

In 2022, Keurig Dr Pepper took a 30% stake in Nutrabolt, giving the company a $2.88 billion equity valuation, as part of a long-term sales and distribution agreement. The beverage giant made an $863 million cash investment, about a four-times revenue multiple based on 2023 net sales.

Nutrabolt took a 20% stake in female-focused brand Bloom in 2024 and increased that stake the next year without disclosing its new stake size. Bloom’s products include sparkling energy drinks, creatine gummies, hormone health capsules, and nutrition powders.

Market Context

The U.S. market for initial public offerings has regained momentum after a prolonged slowdown, helped by blockbuster listings including SpaceX’s debut earlier this month, the largest IPO on record. Consumer and retail issuers have also returned to the market.

Few supplement companies have gone public in recent years. After an IPO in 2019, Premier Protein owner BellRing Brands’s stock has halved. Vitamin maker Thorne listed in 2021 and then investment firm L Catterton took it private in 2023. Thorne is currently exploring a sale.

Meanwhile, shares of energy drink makers Celsius Holdings and Monster Beverage have had mixed performance. Celsius has seen its stock drop 38% year to date while Monster shares are up 25%.

In September, Nutrabolt said it was on track to exceed $1 billion in annual revenue on a consolidated basis.

Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.