JAPAN – Nagase Group, a Japanese chemical trading firm has completed the acquisition of US based food ingredient manufacturer and distributor, Prinova Group.
The acquisition of Prinova, which has 15 distribution centres around the world, is part of Nagase’s quest of expanding its operational scale and enable the company to pursue new business opportunities around the world.
The deal, which was announced in June, will enable Nagase to expand its footprint in North America, Europe and Asia said Kenji Asakura, president and CEO of Nagase Group.
“This acquisition marks a significant milestone in our continued effort to expand Nagase Group’s global footprint in a high value-added business,” Asakura said.
“The addition of Prinova’s expertise, unique positioning, and portfolio offering enables us to expand our food and nutrition ingredients value chain in North America, Europe and Asia,” he added.
As part of the deal, Prinova’s brand, mission and core offerings as well as its current worldwide leadership team will remain in place within Nagase’s infrastructure to continue overseeing the strategic growth of the Prinova brand.
Prinova has said that it had expanded into the Asia-Pacific market with the establishment of a new subsidiary of Prinova Europe Ltd. in Australia, meant to serve customers in Australia and New Zealand.
The new operation will supply New Zealand with bespoke nutritional premixes from its China facility as it seeks to further strengthen service capabilities in the fast-growing Asia-Pacific market.
Prinova is among the world’s largest distributors and providers of functional ingredients and integrated nutritional solutions to food, beverage and wellness brands.
Don Thorp, president of Prinova USA said that the company has always “had a broader vision: to make a larger global impact by helping our customers grow their brands and improve their customers’ quality of life.”
“As we discussed a possible combination with Nagase, we quickly realised that its global infrastructure, desire to increase its footprint in the food and nutritional ingredients space.
“We are excited about the opportunities that this partnership will provide for our customers and dedicated employees.”
Kenji Asakura, president and CEO of Nagase Group, added: “This acquisition marks a significant milestone in our continued effort to expand Nagase Group’s global footprint in a high value-added business.”
Nagase Group now owns more than 100 companies around the world, manufacturing and distributing products such as resins, functional polymers, plastic products, electronic materials, functional food and pharmaceutical ingredients.