Glanbia Acquires Sports Nutrition Brand
Glanbia, the global performance nutrition and ingredients group, has agreed to acquire The Isopure Company for cash consideration of US$153 million (Eur120 million) in cash. Isopure is a US-based provider of premium branded sports nutrition products. The business focuses on powders and ready-to-drink (RTD) formats, primarily through the specialty, internet and direct distribution channels. Isopure generated net revenues of US$74.6 million for the twelve month period to the end of July. This represents a CAGR of 20% for the period from end December 2011 to end July 2014.
Isopure’s premium brand complements the portfolio of Glanbia’s Global Performance Nutrition (GPN) business and the acquisition further consolidates GPN’s market leading position. The acquisition is expected to be earnings accretive from 2015 and will be funded from Glanbia’s existing debt facilities.
It is anticipated that the transaction will complete in the fourth quarter of 2014 subject to customary completion conditions and regulatory approval.
Siobhán Talbot, Group Managing Director of Glanbia, comments: “As a premium brand, the business is an excellent addition to our portfolio of market leading performance nutrition brands and provides an opportunity to leverage our infrastructure and capabilities to drive future growth. The transaction, which is firmly aligned with the Ggroup’s strategy, supports our growth ambitions and will be value enhancing for our shareholders.”
Glanbia comprises of four business segments – Global Performance Nutrition, Global Ingredients, Dairy Ireland and Joint Ventures & Associates. The Group employs over 5,000 people in 32 countries. Glanbia shares are listed on the Irish and London Stock exchanges.
