June 4, 2014
Naturex, the global leader in specialty plant-based natural ingredients, has finalized the acquisition of 100% of the capital of Chicago-based Vegetable Juices Inc., a company specializing in the production and distribution of natural vegetable ingredients.
This transaction meets the Group’s strategic criteria for exteal growth projects and will strengthen our position as a multi-specialist of natural ingredients, particularly within the still highly fragmented and growing market of fruit and vegetable-based ingredients.
With a broad variety of vegetables available in multiple formats, Vegetable Juices Inc. develops technical and customized natural ingredients with nutritional and organoleptic properties (taste, texture, colors, etc) that meet food and beverage manufacturers’ expectations (smoothies, ready meals, sauces, etc). Vegetable Juices Inc.’s expertise allows them to deliver custom solutions that suit various technical requirements of its customers.
The acquisition of Vegetable Juices Inc. will double the size of our Food & Beverage operations in the United States and represents a very good opportunity to accelerate Naturex’s growth in this market, particularly in the technical segment of vegetable-based ingredients. Founded 80 years ago in Chicago, historic heart of the food business in the United States, Vegetable Juices Inc. has established a strong industrial and scientific base positioning the company as a key player in this segment. Vegetable Juices Inc.’s quality client portfolio includes many major global food and beverage companies, and their culinary and superior sourcing capabilities will benefit the Group and accelerate our development in these areas.
“We are very proud of this acquisition and delighted by the addition to our Group of the Vegetable Juices Inc. team that shares our values of excellence, technical and scientific innovation and customer-centric culture”, commented Naturex’s CEO, Thierry Lambert. “This acquisition is perfectly aligned with our strategy and will allow us to significantly strengthen our position in the United States, the world’s largest food industry market. It will also offer us an excellent complementarity in terms of products to provide new momentum to our offering of fruit and vegetable-based ingredients (NAT F&VTM range) across our sales network.”
Elizabeth Doyle, CEO of Vegetable Juices Inc. added: “We are extremely pleased with this acquisition by Naturex. Our companies’ values are aligned. This acquisition will ensure business continuity, growth of the company and advancement of the values and work fostered by the Garvy family for so many years.”
Also commenting on this acquisition, Steve Wiley, COO of Vegetable Juices Inc.: “We are very pleased to be joining Naturex Group. Vegetable Juices Inc. will have the opportunity to benefit from the significant development potential offered by combining our technical and scientific expertise, enhancing our product offering and maximizing our commercial presence.”
As exclusive M&A advisors to Naturex, Canec Inteational facilitated the transaction.