10.01.14
Nutritional product company and a producer of omega-3 fish oil and specialty protein products, Omega Protein Corporation, Houston, TX, has acquired all of the stock of Bioriginal Food & Science Corp, Saskatoon, Canada. Bioriginal is a supplier of plant and marine based specialty oils and essential fatty acids to the food and nutraceutical industries across North America, Europe and Asia.
According to Omega Protein, the strategic acquisition advances its business strategy by uniting two highly complementary businesses, adding immediate size and scale to the overall business through more diversified human nutrition product offerings and expanding Omega Protein’s global customer reach.
For its fiscal year ended March 31, 2014, Bioriginal generated approximately $98 million in net revenues. Bioriginal will be operated as a wholly owned subsidiary of Omega Protein, and the transaction is expected to be accretive to Omega Protein’s adjusted earnings in its fiscal year 2015.
“Increased sales of nutritional products for direct human consumption is a key component of Omega Protein’s business strategy to diversify our business model and increase growth, while decreasing our exposure to commodity based earnings volatility,” commented Bret Scholtes, Omega Protein’s president and CEO. “We look forward to working with the entire Bioriginal team to grow our company and create a more balanced business portfolio across animal and human nutrition.”
The total purchase price for the acquisition of Bioriginal is expected to be approximately $70.5 million, plus $0.7 million for estimated working capital adjustments.
According to Omega Protein, the strategic acquisition advances its business strategy by uniting two highly complementary businesses, adding immediate size and scale to the overall business through more diversified human nutrition product offerings and expanding Omega Protein’s global customer reach.
For its fiscal year ended March 31, 2014, Bioriginal generated approximately $98 million in net revenues. Bioriginal will be operated as a wholly owned subsidiary of Omega Protein, and the transaction is expected to be accretive to Omega Protein’s adjusted earnings in its fiscal year 2015.
“Increased sales of nutritional products for direct human consumption is a key component of Omega Protein’s business strategy to diversify our business model and increase growth, while decreasing our exposure to commodity based earnings volatility,” commented Bret Scholtes, Omega Protein’s president and CEO. “We look forward to working with the entire Bioriginal team to grow our company and create a more balanced business portfolio across animal and human nutrition.”
The total purchase price for the acquisition of Bioriginal is expected to be approximately $70.5 million, plus $0.7 million for estimated working capital adjustments.
