Glanbia strengthens performance nutrition offering with €181 million double deal
The Irish company sealed the deal for Dutch direct-to-consumer online business ‘Body & Fit’, in addition to US-based organic plant nutrition specialists Grass Advantage LLC (Amazing Grass) for a combined €181 million. The acquisitions are expected to bring in around €100 million in additional revenues annually, said Glanbia.
Siobhan Talbot, group managing director at Glanbia commented that both businesses have a strong strategic fit with the Glanbia Performance Nutrition (GPN) division and will extend its reach to new consumers and channels – including ‘greens’ and ‘superfoods’ categories.
“Both businesses have a track record of strong growth and we will continue to invest in their future development,” she added – noting that both of the existing management teams will remain with the respective businesses and integration will largely be related to installing Glanbia supporting systems.
Amazing Grass has a brand portfolio based on organic, natural, GMO free products in North America, which Glanbia said is complimentary to its current portfolio and positioning in the plan-based nutrition market.
Meanwhile, the acquisition of Netherlands-based online consumer sales business ‘Body & Fit’ will provide Glanbia with a new consumer base in Germany and the BeNeLux region within Europe.
“This acquisition enables GPN to have a direct presence in the rapidly growing DTC channel,” said Glanbia in a press release – adding that the firm will invest in Body & Fit to expand its reach across Europe.
Shares in Glanbia were up around 1.6% after the announcement this morning, which noted that both acquisitions will be marginally earnings accretive in 2017.
The transaction for Body & Fit is subject to Dutch competition clearance and is expected to close in the first half of 2017.
