Alantra advised on the sale of Lycored Premix to Prinova Group
SECTORFood & Beverage
Alantra is pleased to announce that Israeli-based Lycored Ltd. has sold its Premix business to Prinova Group, LLC. The transaction closed on June 22, 2017 and the value was not disclosed.
Lycored’s Premix business is a leading producer and marketer of customized vitamin and nutrient blends designed to address each customer’s specific nutritional, processing, shipping, shelf-life, and business challenges. The company operates from two FSSC 22000 certified manufacturing facilities in the United Kingdom and China and serves many of the world’s leading food manufacturers.
The sale of the Premix business follows Lycored’s stated strategy of concentrating on its core offerings of carotenoids for food and health, tomato-based products, and microencapsulated ingredients. Lycored’s CEO, Rony Patishi-Chillim, said in a company statement, “By focusing on our core technologies and our fully vertically integrated business, we will be able to enhance our offering and maintain our dedication to customers. Prinova is inheriting some great teams and bringing in its own expertise. We are confident that it will continue to provide excellent service to premix customers across the world while we will even better focus on our main business areas.”
Based in Carol Stream, IL, Prinova is a leading supplier of food and nutritional ingredient, flavor and blending solutions to global companies. The acquisition allows Prinova to significantly improve its international coverage and strengthen its relationships with some of the world’s leading food producers. With the addition of Lycrored’s Premix business, Prinova will now operate six manufacturing sites on three continents.
“This transaction continues our successful track record of M&A advisory in the food ingredients sector,” said Joseph Downing, Managing Director and Partner with Alantra. “The sale of U.K. and Chinese operations from an Israeli parent seller to a U.S. parent buyer also highlights the importance of our cross-border capabilities in achieving strong outcomes for our clients.”
Alantra Director Josh Garver added, “The three-continent footprint created by this combination will enable the resulting premix business to better service the multi-national customers of the organization and create a platform for continued growth of the combined premix activities.”