Glanbia plc to acquire companies Amazing Grass in the USA and Body & Fit in the Netherlands
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.
Amazing Grass: On 6 January 2017, Glanbia acquired Grass Advantage LLC (Amazing Grass) in the US. 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.
Body & Fit: On 3 February 2017, Glanbia agreed to acquire “Body & Fit” in the Netherlands, 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.
About Amazing Grass
Brandon Bert and Todd Habermehl left careers in the tech industry in 2002 to start Amazing Grass. The Bert family has spent the past 70 years perfecting the cultivation, harvesting, dehydration, and storage of cereal grasses and alfalfa for optimal nutritional content. These field-grown grasses are the foundation for every Amazing Grass product, imparting high doses of antioxidants, beta carotene, phytonutrients and other nutrients.
Amazing Grass greens are USDA organic, Non GMO, kosher pareve, vegan and gluten free containing a variety of vitamins, minerals, plant based proteins and phyto-chemicals.
About Body & Fit
Established in 1995, Body & Fit has accumulated over 20 years of online retail expertise in the field of performance nutrition, food supplements and dietary products. Body & Fit’s corporate office and distribution warehouse are based in the Netherlands. The majority of their consumer base is in Germany, Belgium, Netherlands and Luxembourg (“BeNeLux”).
Body & Fit’s performance nutrition and lifestyle brands are largely sold through its Dutch language website (