Innophos completes US$125 million Novel Ingredients buy
30 Aug 2017 --- Innophos Holdings, Inc. has completed the acquisition of Novel Ingredients, which was previously announced on August 1, 2017. The addition of Novel Ingredients advances Innophos’ Vision 2022 strategy by growing Innophos’ Food, Health and Nutrition (FHN) portfolio, expanding its presence in high-growth nutrition end-markets and positioning the company to further develop innovative ingredient solutions that better serve its customers.
“This is a significant day in Innophos’ history,” notes Kim Ann Mink, Ph.D., Chairman, President and Chief Executive Officer of Innophos Holdings, Inc. “We are delighted to welcome Novel into the Innophos family. This strategic combination creates a US$0.5 billion Food, Health and Nutrition platform that represent 60 percent of revenue for the combined company.”
“Our position as a market leading provider of vital ingredient solutions to high growth FHN market segments is strengthened through our combined innovative technology capabilities; a broader and deeper product portfolio; and the addition of Novel’s experienced and dedicated people. In addition, by coming together with Novel, we more closely align Innophos with important consumer megatrends such as health and wellness, energized aging and clean labels.”
“We are confident that this acquisition will create significant long-term value for our shareholders and customers, alike. We are excited to begin focusing on the many opportunities before us. This includes leveraging our strengths as a combined company to broaden our range of science-based solutions for our customers, while delivering synergies to realize the full value of this combination,” says Mink.
Under the terms of the merger agreement, Innophos has acquired all of the outstanding shares of Novel Ingredients for a total purchase price of US$125 million (enterprise value) in cash.
Innophos funded the acquisition with borrowings under its existing credit facility. The company continues to expect the acquisition to be accretive to Innophos’ earnings per share in the first year following the close of the transaction.
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