The $28 million cash deal gives Innophos all of the outstanding equity interests of NutraGenesis LLC, Icon Group LLC and Tradeworks Group Inc.
Innophos has funded the acquisition with borrowings under its existing credit facility.
“The addition of NutraGenesis’ innovative, science-backed branded ingredients to our Food, Health and Nutrition portfolio more closely aligns Innophos with consumer megatrends such as health and wellness, energized aging and clean labels,” said Innophus Chairman, CEO and President Kim Ann Mink. “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.”
Innophos is a leading international producer of specialty ingredient solutions that deliver far-reaching, versatile benefits for the food, health, nutrition and industrial markets.
“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.”