LONDON (Alliance News) - Nutrition and ingredients firm Glanbia PLC said Friday that it has agreed to acquire US-based sports nutrition product provider The Isopure Company LLC for USD153 million in cash.
It will fund the acquisition through its existing debt facilities, and expects to complete the transaction by the fourth quarter of 2014.
Isopure focuses on powders and ready-to-drink products. It produced net revenue of USD74.6 million for the year to end-July. Glanbia said that Isopure's premium brand complements the portfolio of its global performance nutrition business.
It expects the acquisition to add to earnings from 2015.
"The transaction, which is firmly aligned with the group's strategy, supports our growth ambitions and will be value enhancing for our shareholders," said Managing Director Siobhán Talbot in a statement.
Shares in Glanbia were trading up 1.6% at 11.33 pence Friday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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Glanbia (GLB)