This distribution partnership begins on June 1, 2017. The arrangement was finalized at Vitafoods, in Geneva, where several companies of Algaia’s main shareholders, Maabarot Products Ltd and Demeter presented.
“This distribution partnership is a major step forward for Algaia, supporting our growth ambitions for USA, Canada and Mexico,” said Fabrice Bohin, CEO of Algaia. “We are anticipating double digit growth. Together with AIDP, we will be able to provide expanded service to our customers requiring alginates, while developing new opportunities for our algae-based ingredients line.”
Paris, France-based Algaia specializes in a wide range of algae-based ingredients. The growing company boosted its product offerings at the beginning of this year through its acquisition of Cargill’s alginates business and manufacturing plant. The company was completely re-invented in 2015 and has, since, experienced rapid growth with its first M&A move in April 2016. This was followed by opening a new R&D center in Saint-Lô in October. Algaia concluded its Cargill alginate acquisition in January 2017. Also during the first quarter, Algaia invested € 3 million in its manufacturing facility in Lannilis, France, located next to a large resource of fresh seaweed biomass.
“We utilize fresh seaweed harvested predominantly from the Brittany coastal areas, next to our facility, applying our ‘Green Refinery’ concept to comply with customer and consumer demands for high quality products derived from sustainable natural sources,” added Bohin.
Founded in 1996 and headquartered in the City of Industry, California, AIDP has extensive experience in sourcing and developing innovative solutions. “We are delighted that AIDP will represent Algaia in the region and that we can add Algaia’s portfolio to our offering of products focused on meeting consumer demand for natural, wellness and health products,” said Mark Thurston, President of AIDP Inc. “Our commitment is to source and supply high-quality ingredients backed by research, and provide proprietary solutions that address formulation challenges in mainstream food, functional food and beverages.”