Glanbia invests $194m to acquire two nutrition companies
Irish nutrition company Glanbia has announced that it is investing nearly €181m ($193.8m) to acquire two companies to expand its performance nutrition business.
The acquisition includes US-based Amazing Grass and Body & Fit in the Netherlands.
In January, the company acquired Amazing Grass, which has a portfolio of organic and non GMO brands in the plant based nutrition, Greens and Super Food categories.
Glanbia said that the transaction is complementary to its current portfolio and positions the company well in the plant based nutrition market.
On 3 February 2017, Glanbia agreed to acquire direct to consumer (DTC) online branded business focused on performance nutrition Body & Fit.
Body & Fit has a significant presence in Germany and the BeNeLux region within Europe.
The transaction allows Glanbia to have a direct presence in the rapidly growing DTC channel.
It is subject to Dutch competition clearance and is expected to close in the first half of 2017.
Glanbia group managing director Siobhan Talbot said: “Both businesses have a strong strategic fit with Glanbia Performance Nutrition extending its reach to new consumers and channels.
“Amazing Grass produces a range of natural plant based nutrition products while Body & Fit is a successful direct to consumer online brand. Both businesses have a track record of strong growth and we will continue to invest in their future development.”
The combined net revenue of Amazing Grass and Body & Fit was €99m in 2016.
In January, Glanbia said that was in advance discussions with three American milk suppliers to set up a stand-alone joint venture to establish a new cheese and whey production plant in Michigan, US.
Image: The combined net revenue of Amazing Grass and Body & Fit was €99m in 2016. Photo courtesy of num_skyman/FreeDigitalPhotos.net.