Innophos Holdings, Inc. (Cranbury, N.J.; www.innophos.com) announced that it has acquired NutraGenesis, a Vermont-based marketer of proprietary, branded and science-backed nutraceutical ingredients.
Under the terms of the purchase agreement, Innophos has acquired all of the outstanding equity interests of NutraGenesis LLC, Icon Group LLC and Tradeworks Group, Inc., together referred to as NutraGenesis, for a total purchase price of $28 million in cash. Innophos has funded the acquisition with borrowings under its existing credit facility. The acquisition is expected to be accretive to Innophos’ earnings per share in the first year following the close of the transaction.
“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, Ph.D., Chairman, President and Chief Executive Officer of Innophos Holdings, Inc. “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 commented.
“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.”