SGS acquires a majority stake in Nutrasource
SGS recently announced it has acquired a majority stake in Ontario-based Nutrasource. Headquartered in Guelph, Ontario, Canada, with a subsidiary in the USA (GRAS Associates LLC), the company provides clinical trial management, full regulatory support, testing services, product development, R&D as well as third-party ingredient certification programs.
Nutrasource has demonstrated consistent growth, with fiscal year revenues of about $20 million CAD as of December, 2022. The initial SGS investment includes 60% of Nutrasource shares, with the right to acquire the remaining 40% of shares in 2026.
Nutrasource employs approximately 100+ staff who will join the global network of clinical facilities and laboratories in the Americas, Europe, Africa and Asia. SGS has 97,000 employees who operate a network of 2,650 offices and laboratories.
“After a 21-year entrepreneurial journey, the Nutrasource family is very excited to join the SGS family globally. This new future provides accelerated growth opportunities for our staff and for our customers, as we align with SGS’s global platform in Health and Nutrition,” Will Rowe, President, CEO and Co-founder, NutraSource, told NutraIngredients-USA.
Frankie Ng, CEO of SGS, said the acquisition will expand SGS’s health and nutrition capabilities in North America as well as complement its global portfolio of solutions into the converging industries of health, nutrition and wellness.
“This further aligns SGS with the TIC megatrends, and supports our purpose of enabling a better, safer and more interconnected world,” Ng added.