[France] Algaia has bolstered its growth in specialty marine ingredients by completing the acquisition of Cargill’s Alginate business and manufacturing plant. This latest deal further strengthens Algaia’s portfolio following the recent acquisition of start-up company, Alganact SA, which specializes in seaweed biomass valorization, as well as the opening of a greenfield Research & Development center in France and recruiting a team of business and technical experts.
The newly acquired plant is strategically positioned in Lannilis, Brittany next to a large natural brown seaweed resource where over 60,000 tons of fresh biomass are collected annually in a sustainable and regulated manner.
Algaia says the details of the transaction will not be disclosed.
“We have high ambitions in the field of specialty marine ingredients and natural ingredients such as seaweed extracts. Our aim is to maintain and potentially increase employment at Lannilis while deploying its activity furthermore,” says Fabrice Bohin, CEO of Algaia.
“As a matter of fact, around two additional million euros will be invested to upgrade the plant right after the closing. Furthermore, with the help of Cargill and the Brittany region, all will be done to ensure a smooth transition at customers and to preserve local direct and indirect employment.”
Algaia has developed very quickly over the last 12 months, strongly supported by well-established private equity firms. It has also received strong support from private investors already active in the seaweed extract market since 2015 after a strategic alliance with Gelymar SA, one of the top leading carrageenan manufacturer in the world.
Algaia has considerably strengthened its organization over the last year with the recruitment of an experienced management and operational team coming from the specialty food, marine ingredient and FMCG industries.
Last October Algaia announced the entry in its shareholding structure of Maabarot Products Ltd, a strategic investor already active in the health and nutrition market with strong ambitions in the marine ingredient space. Shortly after, Emertec, Algaia’s primary historical investors, merged with Demeter to become one of the largest private equity firms in Europe with about €800 million of assets in management.
The new management team includes experienced business and technical experts having decades of experience in both conventional seaweed extracts (e.g. carrageenans, alginates etc) and specialty seaweed extracts that are used as health ingredients for various applications.
Recently, the company also welcomed Sylvie Le Cossec as CFO. She says: “I am proud to bring my experience and dedication to such a dynamic, passionate and uniquely positioned company, enriched by new highly experienced talents almost every month.”
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