Kelatron Corporation, based in Utah, US, is a manufacturer of bioactive mineral nutrients. For more than 30 years, the company has been a supplier of specialty minerals and custom blends to manufacturers of nutritional and dietary supplements.
Randy Gress, chairman and CEO, Innophos, said: “The acquisition of Kelatron represents a perfect fit with our strategy of targeting high quality bolt-on acquisitions that add specialty ingredient product technologies to complement our current product offering. Kelatron has a strong position in an attractive, growing, nutraceutical market and has significant manufacturing and technical capability. The combination of Innophos’ strong worldwide customer relationships within the food, beverage and pharmaceutical industries and Kelatron’s expertise in the high value, high growth rate, mineral fortification market is expected to bring significant benefits to both companies.”
The acquisition is structured as a stock purchase by Innophos’ wholly owned subsidiary, Innophos of Kelatron’s holding company, KI Acquisition Inc, for a purchase price of $21m, subject to specified adjustments.
KI Acquisition Inc is a portfolio company of Hadley Capital and First Analysis. Closing of the transaction occurred upon execution of the purchase agreement effective as of 31 October 2011.
The acquisition is expected to be accretive to results in 2012.
Source: Innophos
© FoodBev Media Ltd 2024