Speciality ingredients producer Innophos has acquired nutraceutical ingredients company NutraGenesis for $28 million to complement its health and nutrition portfolio.
Under the agreement, Innophos has bought all of the outstanding equity interests of NutraGenesis, Icon Group and Tradeworks Group, together referred to as NutraGenesis.
The deal complements Innophos’ $125 million acquisition in August of Novel Ingredients, as well as its current branded ingredients portfolio.
Innophos said it was drawn to the high-growth markets which NutraGeneses operates in, such as stress reduction, weight management, joint health, brain health and metabolic wellness.
It also claimed that the Vermont-based company has a ‘proven track record of partnering with clients to transform ingredients into marketable brands backed by scientific data that supports product efficacy and performance claims’.
Innophos CEO Kim Ann Mink said: “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, energised ageing and clean labels.
“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.”
She added: “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.”
Headquartered in Cranbury, New Jersey, Innophos has manufacturing operations across the US, in Canada, Mexico and China.
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