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The new acquisition is a key entry into the North American nutraceuticals market for the CDMO.
January 27, 2025
By: Mike Montemarano
Associate Editor, Nutraceuticals World
TopGum, a contract development and manufacturing organization (CDMO) specializing in gummy supplements, acquired Island Abbey Nutritionals, a specialist in gummies and lozenges located in Prince Edward Island, Canada. The acquisition expands TopGum’s manufacturing and technological capabilities, and strengthens its position as a global supplier of gummy supplements.
The transaction is expected to raise TopGum’s annual revenue run-rate beyond $100 million.
Island Abbey was founded in 2004, and has grown substantially in recent years under CEO Dean Williams, driven by R&D and operations. The company operates a 65,000 square-foot facility in which tens of millions of dollars were recently invested. The company has advanced manufacturing technologies such as starchless depositing, center-fill capabilities, and automated bottling and packaging lines, and adheres to the quality standards of FDA, NSF, GMP, SQF, and Health Canada certification.
The acquisition will deepen TopGum’s foothold in the U.S. market. TopGum will establish an integrated supply chain with production, bottling, and warehousing capabilities across two continents, to better meet global demand for differentiated gummy supplements.
“Island Abbey brings a unique combination of strategic customers, advanced technologies, and a professional, experienced team,” says Eyal Shohat, CEO of TopGum. “Together with TopGum’s longstanding expertise, this partnership opens new horizons for innovation and growth. Our combined teams will continue to develop advanced solutions that deliver a wellness experience that is fun, easy, and tasty. We are reinforcing our commitment to our business partners and customers worldwide as we embark on this exciting new chapter in TopGum’s global growth story.”
Island Abbey will maintain operational independence, and its 95 employees will remain in place, led by Williams, who will be joining TopGum’s executive leadership team.
“I’m honored to be a part of this pivotal moment for Island Abbey,” said Williams. “This acquisition reflects our success in advancing supplement solutions across Canada and the U.S. the combination of these two entities is poised to redefine the gummy supplement market.”
“We are deeply impressed by Island Abbey’s journey, particularly under Dean’s leadership”, said Hagai Stadler, chairman of TopGum. “We are proud to welcome Island Abbey to the TopGum family. Together, we will build on Island Abbey’s legacy and create a vital component of TopGum’s mission to become a dominant global player in the supplement industry. This acquisition is a steppingstone to realizing our vision of leading the gummy supplement revolution. I extend my gratitude to the shareholders of Island Abbey for their trust, and to everyone involved in executing this transaction.”
TopGum will pay $20 million plus an earn out payment based on Island Abbey’s 2025 results. The transaction is expected to close in Q1 2025, pending all required regulatory and third-party business approvals.
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