February 17, 2021

Innovad to be acquired by private equity firm

Innovad has announced that it will be acquired by IK Investment Partners ("IK") through its IK IX Fund. IK is acquiring the majority of the shares from the founders of Innovad.

The acquisition has no consequences for the core activities nor for the other stakeholders of the company. Financial details of the transaction will not be disclosed.

Concurrently, IK is acquiring Add-Co Nutrition ("Add-Co") in Italy and Add-Essens, which is specialised in the extraction of plant/fruit-based ingredients.

Following the transaction, Jamal Al Saifi, founder and majority shareholder, will retire from the business and will hand over to Ben Letor, fellow co-founder, who will become the new CEO of Innovad Group.

Letor says, "It is exciting to be partnering with IK as we enter this next phase and as we consolidate our various businesses and prepare for further sustainable growth. With their strong credentials and past successes in food and animal health, and Innovad's established track records, ambition and dedicated team, we look forward to working together to develop Innovad Group into a global leader."