Glanbia plc has announced that it is investing approximately €181 million to acquire two companies, Amazing Grass in the United States and Body & Fit in the Netherlands. Both businesses have a strong strategic fit with Glanbia’s Performance Nutrition (GPN) division and will extend its reach to new consumers and channels.
American company Amazing Grass has a portfolio of organic and non GMO brands in the plant based nutrition, “Greens” and “Super Food” categories.
The brand portfolio offers plant based organic, GMO free products to lifestyle consumers in the natural, online, food, drug and mass channels in North America. The brand is complementary to the current portfolio and positions GPN well in the plant based nutrition market.
Established in 1995, Body & Fit in the Netherlands is a leading direct to consumer (DTC) online branded business focused on performance nutrition.
Body & Fit’s consumer base is largely in Germany and the BeNeLux region within Europe. This acquisition enables GPN to have a direct presence in the rapidly growing DTC channel. GPN will invest in 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 2017.
Commenting on the announcement, Siobhan Talbot, Group Managing Director, Glanbia said, “I’m delighted to announce the acquisitions of Amazing Grass and Body & Fit. Both businesses have a strong strategic fit with Glanbia Performance Nutrition 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.”
Both of the existing management teams will remain with the respective businesses and integration will largely be related to installing Glanbia supporting systems. The investment of approximately €181 million is inclusive of contingent consideration and will be funded by debt from existing facilities.
The 2016 full year combined net revenues of Amazing Grass and Body & Fit was approximately €99 million and the acquisitions will be marginally earnings accretive in 2017.
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