FORMER Leinster and Harlequins star Gary Lavin is set for a major payday after selling his drinks brand for £64million.
Nichols, the British company that makes Vimto, revealed that it has bought VITHIT on Monday.
Gary Lavin has sold VITHIT to the manufacturers of Vimto Credit: YouTube
The former rugby player is set to receive £43million in the sale Credit: YouTube
Now Lavin will be eyeing a £43m cheque, having founded the low-calorie drinks company a quarter of a century ago.
The idea spawned from a blend of tea, juices, water, and vitamins that claims to give “100 per cent of the recommended daily allowance of eight vitamins”.
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Lavin, chairman and 70 per cent owner, commented on the sale, saying: “Since launching VITHIT more than 25 years ago, our ambition has always been to build a distinctive health and wellness drinks brand with broad consumer appeal.
“We are proud of what the team has achieved and consider Nichols the ideal partner to support the next stage of the brand’s development.”
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Meanwhile, Nichols CEO Andrew Milne said: “With its established market position, alignment with our asset-light operating model, proven profitability and significant headroom for growth, VITHIT perfectly fits the acquisition profile we have been looking for and is fully aligned with our long-term growth strategy.
“We are delighted to welcome the VITHIT team to Nichols and look forward to working together to realise the significant opportunities ahead.”
Beginning as an injury-stricken venture, Lavin built the drinks empire from the very bottom – having nearly gone bankrupt several times.
Last year, they generated £22.8m in revenue, with 40 per cent of their sales in the UK and an additional 40 per cent in Ireland.
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Now the 55-year-old has decided it’s time to hand over the reins.
But his brother Troy Lavin, VitHit’s chief executive, will stay on for up to six months as they transition.
Speaking on The Entrepreneur Experiment, Lavin said: “I deliberately designed it so that it would be easy to move away from unhealthy drinks to healthy drinks.”
He explained how he spent about a year to a year and a half on each drink so that it could compete with the popular sugary drinks on the market.
He added: “I wanted to be mainstream, I never wanted to be in the back of the store.
“The basic premise behind VITHIT was why would you take something that has 28g of sugar which is going to make you fat or take something like this which is only 6g?”
Lavin reflected on the health and fitness buzz that has become trendy, having first witnessed it in the 1990s when he was playing rugby in Brisbane, Australia.
The obesity epidemic is massive for Lavin, who wants to encourage consumers – especially kids – to read the labels of what they’re buying.
Other Nichols licensed brands include Jattvibekist, Levi Roots and Slush Puppie.
