Irish cheese maker Glanbia has added to its burgeoning nutrition business with the acquisition of US performance nutrition firm Bio-Engineered Supplements and Nutrition.
Glanbia has agreed to pay US$144m for BSN and news of the acquisition helped send the Irish firm’s shares up this morning (19 January).
BSN, a sports nutrition business, is a “pioneer” in pre-workout powders, Glanbia said. The US firm will also boost Glanbia’s protein powders business across the Atlantic.
The Florida-based business had annual net revenue of $135.4m and EBIT of $10.1m in 2009, Glanbia said.
John Moloney, Glanbia’s managing director, said the Irish group had built “a market leading, scale position” in global sports nutrition since it bought US group Optimum Nutrition in 2008 – and he labelled BSN was “an excellent strategic fit” with the company.
“BSN is a very exciting acquisition for us and we are pleased to welcome the BSN team to Glanbia,” Moloney said. “[Our] Global Nutritionals is now a EUR600m (US$807.5m) revenue business, a position we have built organically and by acquisition in just over five years.”