Rainer Bosselmann, the chairman and CEO, of Argan praised the entrepreneurial spirit of Vitarich.
"This positions us for entry into the nutraceutical industry that is characterized by rapid growth, fragmentation and opportunities for innovation and consolidation," he said. Adding that Argan would continue to look for investment opportunities in the nutraceutical industry.
Vitarich, which has experienced substantial growth over the past few years, growing from $7 million worth of revenue in 2000 to approximately $17 million over the past 12 months, expressed its excitement for the future as part of the Argan network.
Formed in 1992, Vitarich supplies over 800 brand name nutritional supplements for distribution to retail outlets.
Vitarich Farms, a division of Vitarich Laboratories, organically grows and processes nutritionally dense, kosher certified food concentrates in bulk form for sale to distributors and manufacturers and for sale as finished goods to retailers.