GenNx360 Capital Partners, 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, a leading provider of natural ingredient solutions to the supplement industry, to Innophos Holdings, Inc., 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."
About GenNx360 Capital Partners
GenNx360 Capital Partners is a private equity firm focused on acquiring middle market industrial and business services companies. We invest in companies with proven and sustainable business models in expanding industries with the objective of implementing the required operating changes to deliver cost efficiencies, accelerate growth, and generate strong financial returns. Target industries include industrial machinery and components, logistics and supply chain solutions, industrial and environmental services, food and agricultural products and services, infrastructure equipment and services, specialty chemicals, packaging, and aerospace and defense. GenNx360 was founded in 2006 and is headquartered in New York City. For more information, please visit http://www.gennx360.com.
About Novel
Headquartered in East Hanover, N.J., Novel Ingredients is a preferred supplier of botanical and nutraceutical raw materials for the dietary supplement, sports nutrition, food and beverage, and pet care industries. Known for delivering value beyond price per kilo, Novel is a vertically integrated leader in delivering clinically backed ingredients, best-in-class processing technologies, and a full suite of manufacturing services for its valued nutraceutical and functional food partners. For more information, please visit www.novelingredient.com.
About Innophos
Innophos is a leading international producer of specialty ingredient solutions that deliver far-reaching, versatile benefits for the food, health, nutrition and industrial markets. We leverage our expertise in the science and technology of blending and formulating phosphate, mineral and botanical based ingredients to help our customers offer products that are tasty, healthy, nutritious and economical. Headquartered in Cranbury, New Jersey, Innophos has manufacturing operations across the United States, in Canada, Mexico and China. For more information, please visit www.innophos.com. 'IPHS-G'
