Nutrition group Glanbia said on Monday it has acquired two specialist food companies at a cost of about €181 million. The acquisition of Amazing Grass and Body & Fit have a “a strong strategic fit” with the group’s performance nutrition division the company said.
"Both businesses have a strong strategic fit with Glanbia Performance Nutrition (GPN) 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," said Siobhan Talbot, group managing director of Glanbia.The 2016 full year combined net revenues of both companies was about €99 million.
On January 6th Glanbia acquired US organic and non-GMO food group Amazing Grass. The company’s brand portfolio offers plant-based organic, GMO-free products to lifestyle consumers in the natural, online, food, drug and mass channels in north America. Glanbia said the brand is complementary to the group’s current portfolio and positions GPN well in the plant-based nutrition market.
Also on Monday, Glanbia said it had acquired Body & Fit, a Netherlands-based direct to consumer online branded business focused on performance nutrition. Body & Fit’s consumer base is largely in Germany and the Benelux countries. Glanbia said the acquisition enables the group’s GPN division to have a direct presence in this rapidly-growing channel, and Glanbia expects Body & Fit to expand its reach across Europe. The transaction is subject to Dutch competition clearance and is expected to close in the first half of this year.
Glanbia said the acquisitions will be marginally earnings accretive in 2017 and will be funded by debt from existing facilities.
