GenNx360 Capital Partners (“GenNx360”), a New York-based private equity firm, is pleased to announce that on July 28, 2017 it entered into a definitive agreement to sell its portfolio company, Novel Ingredients (“Novel”), a leading provider of natural ingredient solutions to the supplement industry, to Innophos Holdings, Inc. (“Innophos”), a leading international producer of specialty ingredient solutions for the food, health, nutrition and industrial markets. The transaction is expected to close post customary closing conditions.
GenNx360 purchased Novel in March 2014. During GenNx360’s ownership, the company expanded its service offering and capabilities, investing in a new facility and complex manufacturing, driving higher quality and greater supply chain management and rebranding the company to support its new business positioning. With this transformed business model, Novel successfully transitioned from an ingredient supplier to a value-adding ingredient solutions provider.
“This transaction validates the strength of what we were able to accomplish in partnership with Novel’s management team; transforming the company into a leading provider of natural ingredient solutions,” said Monty Yort, a Managing Partner of GenNx360 and Chairman of Novel.
“GenNx360 has been a truly valuable partner, helping us build Novel into a market leader. With their support, Novel has been able to make significant investments to enhance its brand and capabilities, develop new products, enter new markets, and meaningfully accelerate growth,” said Rick Antonoff, Chief Executive Officer of Novel. “Going forward, we are excited to partner with Innophos to leverage our combined strengths for continued growth and market diversification,” added Rick.
“The acquisition of Novel Ingredients is an exceptional opportunity for our company and a significant step forward in achieving our strategic goals,” said Kim Ann Mink, Ph.D., Chairman, President and Chief Executive Officer of Innophos Holdings, Inc. “This transaction fully aligns with our Vision 2022 strategic priorities to grow our Food, Health and Nutrition portfolio, increase our presence in attractive nutrition end-markets, and develop innovative solutions that better serve our customers. Additionally, it will more closely align Innophos with important consumer mega-trends such as health and wellness, energized aging and clean labels.”