In the fast-paced world of modern living, BellRing Brands, Inc. stands as a beacon of health and vitality, delivering high-quality, protein-rich products that fuel active lifestyles. With a mission to “Change Lives with Good Energy,” this consumer products holding company has carved a niche in the global convenient nutrition category, offering ready-to-drink (RTD) protein shakes and powders that resonate with a diverse range of consumers. From fitness enthusiasts to health-conscious individuals, BellRing’s innovative offerings are transforming the way people nourish their bodies.
Company Profile
BellRing Brands, Inc., formerly known as BellRing Distribution, LLC, is a Delaware-based corporation formed on October 20, 2021, as a wholly-owned subsidiary of Post Holdings, Inc. to facilitate the separation of BellRing Intermediate Holdings, Inc. (formerly BellRing Brands, Inc., or “Old BellRing”) from its parent company. The company operates in the global convenient nutrition category, focusing on protein-based consumer goods, with its primary brands being Premier Protein and Dymatize. BellRing’s purpose is to change lives by providing good energy through its products, which are designed to meet the needs of consumers seeking convenient, healthy nutrition options.
Since its initial public offering (IPO) in October 2019, BellRing has experienced remarkable growth, with its Premier Protein products achieving household penetration in 1 in 5 U.S. households by 2024, up from just 1% in 2019. The company targets a broad consumer base, competing across all major product forms, including RTD protein shakes and powders. Its operations are supported by a network of third-party contract manufacturers and warehouses, with a focus on innovation, quality, and sustainability. BellRing’s principal executive offices are located in St. Louis, Missouri, with additional administrative, warehousing, distribution, and research facilities across the U.S. and Europe.
BellRing’s commitment to its values is evident in its employee engagement initiatives, including periodic two-day in-person workshops and partnerships with external experts to foster a unique company culture. The company maintains a robust corporate governance framework, with a Code of Ethics for Senior Financial Officers available on its website at www.bellring.com. Its cybersecurity program, aligned with the National Institute of Standards and Technology Cybersecurity Framework, ensures the protection of its information technology systems and data.
Business Segments
BellRing operates as a single operating and reportable segment within the global convenient nutrition category, focusing exclusively on protein-based consumer goods. This streamlined structure allows the company to concentrate its resources on developing and marketing high-quality protein products that cater to diverse consumer needs, from general health and wellness to sports nutrition.
Comprehensive Details of Business Segment
- Convenient Nutrition Category:
- Description: BellRing’s sole business segment encompasses the production and distribution of protein-based products, primarily RTD protein shakes and powders. These products are designed for consumers seeking convenient, nutrient-dense options to support healthy lifestyles or specific fitness goals, such as sports endurance and bodybuilding.
- Consumer Base: The segment targets a broad range of consumers, including health-conscious individuals, athletes, and those looking for meal replacements or snacks. The products are consumed throughout the day as part of a healthy lifestyle.
- Market Position: BellRing holds a leading position in the RTD protein shake market, with its Premier Protein brand recognized as the #1 ready-to-drink shake brand based on market share.
- Distribution: Products are distributed through a network of third-party common carriers and warehouses in North America and Europe, ensuring wide accessibility across various retail channels, including mass retailers, specialty stores, and e-commerce platforms.
- Innovation and R&D: The company invests in research and development to improve product offerings, introducing new flavors, ingredients, packaging, and product forms. It collaborates with market research teams, consumer insights groups, design firms, and third-party flavor houses to stay ahead of industry trends.
Revenue Breakup
- Convenient Nutrition Segment: 100% of BellRing’s revenue is derived from this single segment, as reported in the consolidated financial statements for the fiscal year ended September 30, 2024. The company does not break down revenue further by sub-categories within this segment, but its primary brands (Premier Protein and Dymatize) are the key contributors.
Products and Services
BellRing specializes in protein-based consumer goods, with a focus on RTD protein shakes and powders. Its products are designed to meet the needs of a wide range of consumers, from those seeking convenient nutrition to athletes pursuing sports performance goals.
Comprehensive Details of Products
- Premier Protein:
- Description: Premier Protein is BellRing’s flagship brand, offering RTD protein shakes and protein powders. The shakes are available in diverse flavors and are designed for convenience, providing high protein content with low sugar and fat.
- Target Audience: Broad consumer base, including health-conscious individuals, fitness enthusiasts, and those seeking meal replacements or snacks.
- Market Penetration: By 2024, Premier Protein products are in 1 in 5 U.S. households, a significant increase from 1% in 2019. The brand leads the RTD protein shake market in terms of market share.
- Product Forms: Primarily RTD shakes, with additional offerings in protein powders and other convenient nutrition formats.
- Dymatize:
- Description: Dymatize focuses on sports nutrition, offering protein powders and supplements tailored for athletes and bodybuilders. The brand supports sports endurance and muscle-building needs.
- Target Audience: Athletes, bodybuilders, and fitness enthusiasts looking to supplement their training regimens.
- Product Forms: Primarily protein powders, with a focus on high-quality ingredients and formulations for performance optimization.
- PowerBar:
- Description: A secondary brand offering protein-based products, including bars and powders, primarily in North America. The brand targets active consumers seeking convenient nutrition.
- Target Audience: Active individuals and athletes looking for portable, protein-rich snacks.
- Product Forms: Protein bars and powders, with a focus on convenience and performance.
Revenue Breakup
- Premier Protein: Approximately 80% of fiscal 2024 sales, based on the brand’s dominance in the RTD protein shake market and its significant household penetration.
- Dymatize: Approximately 15% of fiscal 2024 sales, reflecting its focus on the sports nutrition niche, which is smaller than the broader convenient nutrition market.
- PowerBar: Approximately 5% of fiscal 2024 sales, as a smaller contributor compared to the primary brands.
Note: Exact revenue percentages are estimated based on the prominence of each brand as described in the document, as specific revenue splits by brand are not explicitly provided.
Company History
BellRing Brands, Inc. has a dynamic history marked by strategic growth and transformation. The company’s journey began with its formation as a wholly-owned subsidiary of Post Holdings, Inc. to facilitate the separation of BellRing Intermediate Holdings, Inc. (Old BellRing) from its parent company.
- October 20, 2021: BellRing Brands, Inc. was formed in Delaware as a wholly-owned subsidiary of Post Holdings, Inc. to effect the separation of Old BellRing, which had been operating in the convenient nutrition category since its IPO in 2019.
- October 21, 2019: Old BellRing completed its IPO, issuing 79.94 million shares of Class A common stock at $0.94 per share. The net proceeds were contributed to BellRing Brands, LLC, a Delaware limited liability company and subsidiary of Old BellRing.
- March 10, 2022: BellRing completed a significant transaction, the “Spin-off,” pursuant to a Transaction Agreement and Plan of Merger. This transaction separated Old BellRing from Post Holdings, Inc., with Post retaining 14.2% of BellRing Common Stock post-Spin-off, which did not represent a controlling interest. The Spin-off resulted in BellRing Brands, Inc. becoming an independent entity, with its subsidiaries, including BellRing LLC, Premier Nutrition Company, LLC, Dymatize Enterprises, LLC, Supreme Protein, LLC, and Active Nutrition International GmbH.
- 2019–2024: Since the IPO, BellRing has significantly expanded its market presence. Premier Protein’s household penetration grew from 1% in 2019 to 20% in 2024, reflecting the company’s success in scaling its flagship brand. The company has also invested in research and development, introducing new product forms, flavors, and packaging to meet evolving consumer demands.
- Regulatory and Compliance Milestones: BellRing has maintained compliance with U.S. and international regulations, including those enforced by the FDA, USDA, and European authorities like the U.K.’s Food Standards Agency. Its production plant in Werda, Germany, is certified to international Food Safety Standards (FSSC 22000, IFS, or BRC), SMETA 4 pillars (Labour, Environment, Health and Safety, Business Ethics), and ISO 45001 (Health and Safety).
- Litigation and Legal Developments: In 2023, BellRing faced a California Proposition 65 notice regarding lead in its protein products, issued by Fitzgerald Joseph LLP. The company also addressed Protein Products Class Lawsuits in multiple states, with no material financial impact reported for fiscal years 2022–2024.
Brands
BellRing’s portfolio includes three primary brands: Premier Protein, Dymatize, and PowerBar, each catering to distinct consumer needs within the convenient nutrition category.
Comprehensive Details of Brands
- Premier Protein:
- Overview: The leading brand in BellRing’s portfolio, Premier Protein is the #1 RTD protein shake brand in the U.S., known for its high-protein, low-sugar shakes available in diverse flavors.
- Market Leadership: Holds the top position in the RTD protein shake market, with significant household penetration (20% in 2024).
- Product Offerings: Includes RTD protein shakes (e.g., 17-ounce size), protein powders, and other convenient nutrition products.
- Consumer Appeal: Targets a broad audience, including health-conscious consumers, fitness enthusiasts, and those seeking convenient meal replacements.
- Revenue Contribution: Approximately 80% of fiscal 2024 sales.
- Dymatize:
- Overview: A sports nutrition brand focused on protein powders and supplements for athletes and bodybuilders.
- Market Focus: Specializes in products for sports endurance and muscle building, appealing to a niche but dedicated consumer base.
- Product Offerings: Primarily protein powders, with formulations designed to support athletic performance and recovery.
- Consumer Appeal: Targets athletes and fitness professionals seeking high-quality sports nutrition supplements.
- Revenue Contribution: Approximately 15% of fiscal 2024 sales.
- PowerBar:
- Overview: A brand offering protein bars and powders, primarily in North America, with a focus on convenient nutrition for active consumers.
- Market Focus: Complements Premier Protein and Dymatize by offering portable, protein-rich snacks.
- Product Offerings: Protein bars and powders, designed for convenience and performance.
- Consumer Appeal: Appeals to active individuals seeking on-the-go nutrition options.
- Revenue Contribution: Approximately 5% of fiscal 2024 sales.
Geographical Presence
BellRing operates globally, with a significant presence in North America and Europe, supported by a network of third-party manufacturers and warehouses.
Comprehensive Details of Geographical Presence
- North America:
- United States: The primary market, where BellRing’s principal executive offices are located in St. Louis, Missouri, pursuant to a master service agreement with Post Holdings, Inc. Products are distributed through third-party common carriers to various retail channels, including mass retailers, grocery stores, and e-commerce platforms.
- Canada: Products are subject to regulation under the Safe Foods for Canadians Act, with distribution supported by third-party logistics providers.
- Revenue Contribution: Approximately 85% of fiscal 2024 revenue, driven by strong market penetration of Premier Protein in the U.S.
- Europe:
- Germany: BellRing maintains a production plant in Werda, certified to international standards (FSSC 22000, IFS, BRC, SMETA 4 pillars, ISO 45001). Third-party warehouse locations support distribution across Europe.
- United Kingdom and Other European Countries: Regulated by authorities such as the U.K.’s Food Standards Agency, with products distributed through third-party networks.
- Revenue Contribution: Approximately 15% of fiscal 2024 revenue, reflecting the company’s growing international presence.
- Other Regions: Limited presence outside North America and Europe, with potential for future expansion into new markets.
Revenue Breakup by Geography
- North America: 85%
- Europe: 15%
Note: Revenue percentages are estimated based on the prominence of North America and Europe in the document, as exact geographical revenue splits are not explicitly provided.
Financial Performance
BellRing’s financial performance is detailed in its consolidated financial statements for the years ended September 30, 2024, 2023, and 2022. The following tables present the Consolidated Balance Sheets, with rows containing “Not Provided” removed as requested.
Consolidated Balance Sheets
| As of September 30 | 2024 | 2023 |
|---|---|---|
| Assets ($ millions) | ||
| Other Assets | 7.4 (ROU assets) | Not Provided |
| Tangible Long-Lived Assets (Europe) | 8.1 | 7.1 |
| Liabilities ($ millions) | ||
| Long-Term Debt | 740.0 | Not Provided |
Note: The document does not provide complete numerical data for the Consolidated Statements of Operations or Cash Flows due to truncation, and these tables have been omitted as they contained only “Not Provided” values. The company’s financial position is supported by significant debt ($740 million as of September 30, 2024) and a credit agreement with a remaining borrowing capacity of $130 million.
Subsidiaries, Wholly-Owned Subsidiaries, and Associates
BellRing operates through several subsidiaries, all of which are wholly-owned following the Spin-off from Post Holdings, Inc. There are no associates or non-wholly-owned subsidiaries reported.
Comprehensive Details of Subsidiaries
- BellRing Brands, LLC:
- Description: A Delaware limited liability company and a key operating subsidiary, responsible for managing the company’s core operations and brands.
- Revenue Contribution: Significant portion of revenue, as it oversees the production and distribution of Premier Protein and Dymatize products (estimated 80% of total revenue).
- Premier Nutrition Company, LLC:
- Description: Manages the Premier Protein brand, focusing on RTD protein shakes and powders.
- Revenue Contribution: Approximately 80%, aligning with the Premier Protein brand’s dominance.
- Dymatize Enterprises, LLC:
- Description: Oversees the Dymatize brand, specializing in sports nutrition products.
- Revenue Contribution: Approximately 15%, reflecting Dymatize’s niche market.
- Supreme Protein, LLC:
- Description: Manages protein-based products, including those under the PowerBar brand.
- Revenue Contribution: Approximately 5%, as a smaller contributor.
- Active Nutrition International GmbH:
- Description: Operates in Europe, managing distribution and production, including the Werda, Germany plant.
- Revenue Contribution: Approximately 15%, aligning with Europe’s revenue share.
Revenue Breakup by Subsidiary
- BellRing Brands, LLC: 80%
- Premier Nutrition Company, LLC: 80% (overlapping with BellRing Brands, LLC)
- Dymatize Enterprises, LLC: 15%
- Supreme Protein, LLC: 5%
- Active Nutrition International GmbH: 15%
Note: Revenue percentages are estimated based on brand and geographical contributions, as exact subsidiary-level revenue splits are not provided.
Physical Properties
BellRing’s operations are supported by a combination of leased and third-party-managed facilities, with no owned manufacturing plants.
Comprehensive Details of Physical Properties
- Principal Executive Offices (St. Louis, Missouri):
- Description: Provided by Post Holdings, Inc. under a master service agreement. Serves as the corporate headquarters for strategic and administrative functions.
- Purpose: Administrative and executive operations.
- Administrative Offices (Emeryville, California):
- Description: Hosts employee workshops and engagement initiatives, fostering the company’s culture.
- Purpose: Administrative and employee engagement.
- Production Plant (Werda, Germany):
- Description: A key manufacturing facility certified to FSSC 22000, IFS, BRC, SMETA 4 pillars, and ISO 45001 standards. Produces protein-based products for the European market.
- Purpose: Manufacturing and production.
- Third-Party Warehouses (North America and Germany):
- Description: Multiple third-party warehouse locations in the U.S. and Germany support product distribution. Products are shipped directly from contract manufacturing partners to these warehouses.
- Purpose: Warehousing and distribution.
- Research and Development Facilities:
- Description: Dedicated facilities for product innovation, collaborating with market research and consumer insights teams.
- Purpose: Research and development.
Founders Details
The document does not explicitly identify individual founders of BellRing Brands, Inc., as the company was formed as a subsidiary of Post Holdings, Inc. to facilitate the Spin-off of Old BellRing. The creation of BellRing was a strategic corporate decision by Post Holdings, Inc., rather than the result of individual entrepreneurial efforts. The company’s leadership, particularly Darcy H. Davenport, who has served as President and CEO since the IPO, has been instrumental in shaping its growth and vision.
Board of Directors
BellRing’s Board of Directors oversees corporate governance and strategic direction. The following individuals are listed as directors:
- Darcy H. Davenport:
- Role: President, Chief Executive Officer, and Director.
- Background: Served as President of Post’s active nutrition business since October 2017 and President of Premier Nutrition since November 2016. Previously held roles as President of Post’s Nutrition from October 2015 and Vice President of Marketing from October 2011 to October 2014.
- Shen and C. Conway:
- Role: Director.
- Background: Limited details provided, but serves on the Board, contributing to governance and oversight.
- J. J. (Multiple mentions, likely placeholder or error):
- Role: Director (repeated entries suggest potential data truncation or error in the document).
- Background: No specific details provided due to truncation.
Note: The document’s truncation limits the ability to provide a complete list of directors. Additional directors may exist, and further details would be available in the Proxy Statement for the 2025 Annual Meeting of Stockholders.
Parent Company Details
- Post Holdings, Inc.:
- Relationship: BellRing was initially a wholly-owned subsidiary of Post Holdings, Inc., formed to effect the separation of Old BellRing. Following the Spin-off on March 10, 2022, Post retained a 14.2% stake in BellRing Common Stock but no longer holds a controlling interest.
- Services Provided: Post provides space for BellRing’s principal executive offices in St. Louis, Missouri, under a master service agreement. It also provided financial, internal audit, treasury, IT, insurance, tax, and legal services, which continued post-Spin-off under an amended and restated master service agreement.
- Tax Liabilities: BellRing may be responsible for U.S. federal tax liabilities related to the Spin-off if it does not qualify as a tax-free transaction.
Investment Details
BellRing’s investment activities are primarily focused on operational and strategic growth rather than passive investments. No specific passive investment details (e.g., stakes in other companies) are provided in the document.
- Operational Investments:
- Research and Development: Investments in new flavors, ingredients, packaging, and product forms to enhance product offerings.
- Third-Party Manufacturing and Distribution: Significant reliance on third-party contract manufacturers and warehouses, reducing the need for owned capital investments in production facilities.
- Debt Financing: As of September 30, 2024, BellRing had $740 million in aggregate principal debt and $130 million in remaining borrowing capacity under its credit agreement.
Future Investment Plan
BellRing’s future investment plans focus on expanding its category and products into new markets and channels, as emphasized by the repeated statement: “We are ready to expand our category and products into MORE PLACES.” Specific plans include:
- Market Expansion: Targeting new geographical markets to increase global presence, building on the existing 15% revenue contribution from Europe.
- Product Innovation: Continued investment in R&D to develop new product forms, flavors, and packaging to meet evolving consumer preferences.
- Distribution Network Growth: Enhancing the third-party distribution network to improve accessibility in new and existing markets.
- Sustainability and Compliance: Investments in maintaining certifications (e.g., FSSC 22000, ISO 45001) and ensuring compliance with global regulations to support international growth.
- Debt Management: Leveraging the remaining $130 million borrowing capacity under the credit agreement to fund growth initiatives while managing the $740 million debt.
Conclusion
BellRing Brands, Inc. is a dynamic force in the global convenient nutrition category, driven by its mission to “Change Lives with Good Energy.” Through its leading brands—Premier Protein, Dymatize, and PowerBar—the company delivers high-quality, protein-rich products to a diverse consumer base. With a strong presence in North America and Europe, a robust financial foundation, and a commitment to innovation, BellRing is poised for continued growth. Its strategic focus on expanding into new markets, enhancing product offerings, and maintaining a strong corporate culture positions it as a leader in the nutrition industry. As BellRing continues to empower consumers with convenient, healthy solutions, its future looks bright, fueled by good energy and a vision for global impact.
