Glanbia acquires sports nutrition specialist Isopure for $153m
KILKENNY-based food firm Glanbia has acquired US sports nutrition specialist Isopure for $153m (€118m).
The business focuses on specialist sports powders and ready to drink formulas with sales mainly online and through direct distribution channels.
"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," said Siobhan Talbot, chief executive at Glanbia.
"The transaction, which is firmly aligned with the Group's strategy, supports our growth ambitions and will be value enhancing for our shareholders."
Isopure generated net revenues of $74.6m for the 12-month period to the end of July.
Davy Stockbrokers said: "This represents a CAGR of 20pc for the period from end December 2011 to end July 2014.
"The acquisition is expected to be earnings accretive from 2015 and will be funded from the group's existing debt facilities."