Online retailer Hut Group is set to acquire dieting firm Ideal Shape in an ongoing drive to grow its sports nutrition proposition.
The etailer, which already owns sports nutrition brand MyProtein, is expected to announce the deal for the American firm in the coming days, Sky News reported.
Ideal Shape currently has a predominantly female consumer base and is growing revenues by more than 250% annually.
The Hut, which is chaired by Co-op chief executive Richard Pennycook and whose shareholders include Sir Terry Leahy, has made a string of acquisitions over the past year.
It snapped up upmarket rival Salu Beauty from Walgreens Boots Alliance earlier this year, haircare brand Grow Gorgeous in February and Mio Skincare, which is targeted at pregnant women, last August.
The group secured a £210m loan last September to drive international expansion and acquisitions, and is understood to be eyeing a float next year after putting its IPO on ice in 2011.