KILKENNY-BASED FOOD and dairy giant Glanbia plans to buy out a US protein-supplement company for nearly €120 million.
Glanbia announced its cash purchase of The Isopure Company today in a US$153 million (€118 million) buyout designed to bolster the multinational food-maker’s sports nutrition business.
Group managing director Siobhán Talbot said the buy would be an “excellent addition” to the company’s performance-nutrition brands and gave it the change to use its infrastructure to grow the business.
Isopure makes powders and ready-to-drink protein supplements for the burgeoning sports nutrition market, which analysts Euromonitor International have predicted to grow at an average rate of 10% each year between 2013 and 2018.
It had income of US$74.6 million (€57.7 million) over the 12 months to the end of July.
A good fit
Davy Research analyst Declan Morrissey said Glanbia had found a business that was a “good fit with its stable of existing brands” even though there was a “scarcity of quality assets in the sports-nutrition space”.
He said the price paid for the business looked “fair” given the company’s 20% yearly growth forecast.
A bit about Glanbia
The Kilkenny-headquartered Glanbia, which employs over 5,000 people in 32 countries, also makes performance-nutrition products like protein powders, as well as dairy products.
Its produce includes a string of well-known Irish brands such as Avonmore and Kilmeaden.
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