Last week, a two-year-old protein bar company was valued at US$2.25 Billion.

In the same week, Nestlé sold seven brands from their health portfolio for US$1 billion - brands that did US$1.2 Billion in 2025 sales.

Nature's Bounty, Puritan's Pride, Nuun Hydration and four more went to Yellow Wood Partners, LLC at about 0.8x sales, five years after Nestlé paid US$5.75 billion for the Bountiful brands. Nestlé keeps Solgar® Vitamin & Herb) and Pure Encapsulations - its premium, science-led VMS businesses.

Medici Brands, the parent of David, raised US$250 Million at roughly 7.5x its expected 2026 revenue of US$300 million.

The Nestlé portfolio generates four times David's expected revenue and comes with:

-> Scaled brands
-> Vertical manufacturing
-> Packaging, warehousing, distribution, and broad bricks-and-mortar penetration.

That's a hard-to-recreate operating platform, and potentially an acquisition platform.

Is anyone wondering why there's a 9x gap in what a dollar of revenue is worth?

👉️ Growth.
David went from US$8 million in 2024 to expected 2026 revenue of US$300 million.

👉️ Proof on the label.
We've gone from “What nutrients am I missing?” to “What do I want my nutrition to do for me?”

👉️ An owned input.
David bought its fat-replacer supplier in 2025.. whereas commodity vitamin D has no moat.

Elite sport ran this playbook first: Protein-to-calorie ratio was always a locker-room metric for many years ;)

Pro, then prosumer, then consumer. That's the curve that we love and underwrite at Seveno.

Even so, the direction seems clear. Capital still values scale, but it pays a premium for measurable outcomes, rapid growth and owned inputs.

Follow me Jean-Baptiste Roy, I'm building Seveno Capital, and I write about where sports nutrition, consumer health, and capital converge.