IK acquires Innovad

IK has acquired its stake from co-founder Jamal Al-Saifi, who is stepping down as CEO and will retire from the business, while co-founder Ben Letor will become CEO and reinvest alongside the management and IK.

The transaction also includes Add-Co Nutrition, an Italian feed additives supplier, which will become a full subsidiary of Innovad.

The GP has deployed capital from IK IX Fund, which closed on its €2.85bn hard-cap in May 2020. It invests in mid-market companies across France as well as in the Nordic, Benelux and DACH regions, with enterprise values of €100-500m.

Company
Founded in 2010 and headquartered in Antwerp, Innovad supplies animal food additives and health products for the livestock industry, primarily targeting the pigs, poultry and ruminants segments.

Innovad employs 80 staff and has around 200 customers in 65 countries. The company supplies its products through local sales offices and a network of distributors.

People
IK Investment Partners – Remko Hilhorst (partner).
Innovad – Ben Letor (CEO).

Advisers
Equity – Roland Berger (commercial due diligence); EY (financial due diligence); White & Case (legal); Squarefield (M&A); PwC (tax).

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• Topics
• Buyouts
• Benelux
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• IK Investment Partners
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• EY (Ernst & Young)
• PwC
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