November 12, 2008
Continuing the inteationalization that started in September with the acquisition of the Norwegian company Immunocorp Animal Health, Biorigin, a Brazilian company that acts in the market of Food Ingredients and Animal Nutrition, has recently acquired the North American company PTX Food Corporation.
“This acquisition will allow our expansion and will strengthen our position in the global scenario by increasing our offer of solutions, ingredients, and applications in the Food Ingredients and Animal Nutrition market. PTX is a biotechnology company, which team is highly knowledgeable and competent, reinforcing our team, and ensuring the success of our inteationalization process,” says Mario Steinmetz, Biorigin director.
The transaction of the acquisition of PTX Food Corporation will be completed by the end of November. In 2007, the company revenues were USD 7 million, with forecasted revenues of USD 8.5 million in 2008 and USD 12 million in 2009.
Biorigin was created in 2003, with a structure completely dedicated to the development of innovative solutions based on yeasts and yeast byproducts. The company invests about 8% of its $ 100 million annual revenues in Technology and Innovation.
The PTX acquisition will reinforce Biorigin’s strategy of offering health and life quality solutions to the public as ingredients that allow salt reduction, enhance the flavor of foods, and several other functions.
As exclusive M&A advisors to Biorigin, Canec Inteational initiated the transaction and facilitated the buy-side process.
About PTX Food Corporation
PTX Food Corporation is a company specialized in natural and clean label products. It was created in 1972. With an industrial plant in Kentucky and head office in New York, PTX is an expert in developing highly controlled fermentation to produce natural flavors, antimicrobials, and ingredients for Human and Animal Nutrition.
About Canec Inteational Ltd.
The firm was established in 1989 to meet the needs of a growing number of middle market companies wanting to expand inteationally. Today Canec provides transatlantic buy and sell-side services to companies wanting to invest in or divest targets with enterprise values between $10 Million and $100 Million. For more information visit please www.canec.com.