Private equity player to acquire Innovad
It is acquiring the stake from Innovad CEO and founder, Jamal Al-Saifi, who will step down and will retire from the business. Fellow co-founder, Ben Letor, will become Innovad CEO following the transaction and will be reinvesting alongside management and IK.
The deal is agreed but has yet to be finalized; it is subject to legal and regulatory approvals.
Financial terms of the transaction are not disclosed.
IK is also investing in Add-Co, an Italian feed additives supplier with a strong presence in natural pigments and concentrates. Under this deal, following reorganization, Add-Co will become a full subsidiary of the Innovad Group.
Remko Hilhorst, partner at IK said that Innovad has an impressive track record, with plenty of runway for future growth, both organically and through selected add-on opportunities.
In terms of IK’s investment in assets in similar industries, a spokesperson outlined how the private equity firm acquired global leader in biosecurity and food safety, Kersia, in October last year and that it had previously invested in Belgian farm hygiene company, CID Lines. IK sold that business to Ecolab last January.
Innovad, founded in 2010, primarily targets the pig and poultry sectors but is also active in ruminant health and nutrition. The company employs over 80 people worldwide and serves 65 countries through local sales offices and a network of exclusive distributors.
The Belgian group’s portfolio includes welfare and technological additives, with it focusing on the premium intestinal health and mycotoxin stress control segments. It also supplies feed preservatives, digestive aids, feed attractants and pigments.
Jamal Al-Saifi, founder of Innovad and outgoing CEO, said: “Innovation, creativity and solid science is ingrained in our culture and together with the expertise, dedication and commitment of our team it has made the company into what it is today. Innovad is ready for a new growth phase under IK’s and Ben’s leadership.”
Ben Letor, co-founder of Innovad and incoming CEO, said: “It is exciting to be partnering with IK as we enter this next phase to consolidate our position and prepare for further sustainable growth.”