Cranbury-based Innophos Holdings Inc. announced Monday it has acquired NutraGenesis, a Vermont-based marketer of nutraceutical ingredients.
Under terms of the agreement, Innophos has acquired all of the equity interests of NutraGenesis LLC, Icon Group LLC and Tradeworks Group Inc., together referred to as NutraGenesis, for $28 million.
"The addition of NutraGenesis' innovative, science-backed branded ingredients to our Food, Health and Nutrition portfolio more closely aligns Innophos with consumer mega-trends such as health and wellness, energized aging and clean labels," said Kim Ann Mink, chairman, CEO and president of Innophos Holdings. "This transaction builds on the recent acquisition of Novel Ingredients, and further strengthens our position as a leading specialty ingredient solutions provider to attractive end-markets. In addition, NutraGenesis' asset-lite business model, complementary capabilities and established presence in high-growth nutraceutical markets make this a high-value addition for Innophos."
"Bringing NutraGenesis into our branded ingredients portfolio provides an immediate opportunity to combine their branding and marketing expertise with our sourcing, manufacturing and technology capabilities, to offer more differentiated ingredients solutions to our customers," Mink said.
"We are confident that the acquisition of NutraGenesis will strengthen our growth profile and create sustainable value for our customers and shareholders," Mink said. "We remain focused on building out our Food, Health and Nutrition platform, driving sustainable growth and advancing toward our Vision 2022 goals."
Lazard acted as financial advisor to Innophos and Baker Botts LLP served as legal advisor to Innophos.
Alantra acted as financial advisor to NutraGenesis and Downs Rachlin Martin PLLC was legal advisor to NutraGenesis.