BioSteel is a hugely recognizable and popular sports nutrition brand, mostly known for its competitors in the hydration space, which includes a beverage, a stick pack variant, and a more traditional bulk powder supplement. Back in September, the owner of the brand, Canopy Growth, filed for creditor protection for BioSteel and went out looking for potential buyers, and at that particular time, said it had already talked with about 24 since July.
Canopy Growth took over BioSteel in 2019, and in the following years, it’s said to have put around $366 million into the brand. The news this week is the sports nutrition giant has officially got a new owner by way of Canada’s Coachwood Group, which is also behind the supplement company Canadian Protein. The online store for BioSteel is now completely live at biosteel.com, with all of its products available, including its various hydration offerings.
Founder and CEO of the Coachwood Group, Dan Crosby, has promising plans for BioSteel, its position, and lineup of products, including a streamlining of its catalog, where it cuts back to the 20% of its selection that is responsible for a huge 80% of its revenue. For more on the development, there is an informative story at iheartradio.ca going over the purchase and introduction of Dan Crosby and the Coachwood Group as owners of BioSteel.
