UK-based nutrition products manufacturer Science in Sport (SiS) has announced plans to acquire protein brand PhD Nutrition in a deal valued at £32m ($41m) on a cash-free, debt-free basis, subject to certain adjustments.

PhD offers protein products for fitness enthusiasts and has a growing established international presence in more than 45 countries across Europe, the Middle East, China and Australia.

SiS chief executive Stephen Moon said: “The acquisition of PhD is highly complementary, doubles the size of our business and accelerates our ambition to become a global leader in premium performance nutrition.

“It is a compelling combination that will deliver a wider product offering, including premium protein, provides broader consumer reach and greater international presence, and dovetails our respective strengths in retail and e-commerce channels.

“Operating in a rapidly developing market, we see this transaction as an important step towards winning on the global stage. With the clear synergies and growth prospects of the combined group we anticipate delivering strong returns.”

SiS also announced a proposal to raise nearly £29m ($37m) before expenses for the acquisition, with the issuance of 48,394,666 new ordinary shares at a price of 60 pence per placing share.

Founded in 1992, SiS has a manufacturing facility in Nelson, Lancashire.

The nutrition company claims that all its products are thoroughly tested and certified through the informed-sport programme.